Times’ FY21 results were disappointing with core profit down 33% yoy on asset write-down provisions and higher-than-expected minority interest. Management has indicated that Times is committed to repay all its debts including two US$ bonds due in Apr this year. Times will put more effort into converting its high value urban redevelopment projects in GBA, instead of buying land through public auction. Management guided for a c.30% yoy decline in sales for FY22. Its attractive valuations of 1.2x FY22 and 0.14x P/BV should factor in most of the negatives for the company. Upgrade to Add from Hold.