MY : Magnum Bhd - Short-term headwinds on path to recovery

1Q21 earnings missed on prize payout ratio, tax rate. No DPS was declared. We expect FY21F/22F core EPS to recover strongly by 35.3%/80.4% yoy owing to sequential NFO sales recovery to pre-Covid-19 levels by 4Q21F. Reiterate Add with an unchanged DCF-based target price of RM2.35.

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