We assess UEMS’s overall ESG risk factors to be low as its ESG credentials appear to be relatively good, with transparent and detailed sustainability disclosures. UEMS aims to be a leader in Sustainability. It has been a constituent of the FTSE4Good Bursa Malaysia Index since 2014. We maintain our earnings forecasts and MYR0.35 TP (on an unchanged 0.3x FY22 PBV). Reiterate HOLD. Our preferred picks for the sector: SPSB, ECW.