ECWI’s 4QFY10/21 core net loss of MYR12m (-1.1x YoY, -2x QoQ) was below our and consensus estimates. Sales wise, its FY10/21 property sales of MYR1.37b were in line with our expectation but below management’s FY21 sales target. Management has set a MYR2b sales target for FY22 (+45% YoY). We adjust our FY22/23 earnings forecasts by -114% to -169%. Our TP is lowered to MYR0.43 on a lower 0.4x FY22 PBV (from 0.45x). This discount is to reflect its high earnings volatility. HOLD.