ECW’s 4QFY10/21 core net profit of MYR102m (-9% YoY, +1.9x QoQ) was above expectation. Sales wise, ECW’s FY21 locked-in property sales of MYR3.5b were spot on. Elsewhere, its net gearing continued to improve to 0.44x in end 4Q21 (from 0.51x in end 3Q21). We adjust our earnings forecasts by -1% to -6% post actual FY21 results. Our TP is largely intact at MYR0.93 on an unchanged 0.6x FY22 PBV. Upgrade to HOLD.