MY : Dialog Group Bhd - Quarterly earnings should improve in 4Q

9MFY6/21F core net profit of RM384m was in line at 74% of our full-year forecast, but underperformed the street at 65% of consensus’ full-year. Reiterate Add as we expect Dialog’s 4QFY21F to be better than the 3QFY21, as the new BP Singapore terminal will contribute a full quarter’s earnings. We lower our SOP-based TP to RM3.82, as we raise the Ke from 5% to 6.6% to factor in rising risk-free rates and the tougher operating environment.

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