We assess ECWI’s overall ESG risk factors to be moderate as its ESG credentials appear to be relatively good, with transparent and detailed sustainability disclosures. Also, ECWI benchmarks its project and construction methodologies against various UK and Australia certification programmes which helps to limit ESG risks. We maintain our earnings forecasts and MYR0.43 TP (on an unchanged 0.4x FY22 PBV). HOLD.