9MFY21 results were in line, as we project weaker earnings delivery in 4QFY21F following termination of its role as Microsoft sales channel partner. While we like the group’s expansion in cloud-based services, it will require a gestation period before we can expect material earnings contribution. Retain Reduce and RM0.60 TP, still based on 2.7x CY22F P/BV.
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