1Q21 core earnings declined 31% yoy due to weaker fuel margin at TBP and TBE, lower contribution from HPC and Shuaibah, and higher OM cost. We cut our FY21-23F dividend payout forecasts to 80% as Malakoff could be conserving more cash for future business expansion. Reiterate Add with a revised SOP-based TP of RM1.04.
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