9M21 core net profit was above our expectation (89% of our full-year forecast), due to lower-than-expected financing loss provisioning. We project a strong 33% qoq increase in 4Q21F core net profit, underpinned by a recovery in non-fund based income. Reiterate Add in view of its strong asset quality and position as the biggest beneficiary of an expected OPR hike next year.