9MFY1/22 results continued to disappoint, on wider QoQ losses, continuously affected by higher opex and Covid-19 challenges. SAPE remains vulnerable for its negative mix of stretched balance sheet, tight cashflows, legacy contracts, poor execution & continuous cost overruns, which are affecting its ability to recover. There is also a greater need to restructure its operations. Assets divestment is imperative. We cut FY22-23 earnings, not expecting a return to the black over our forecast period.