Aided by aggressive selling cost cuts and government grants, Media Chinese Int’l’s (MCIL) FY3/21 core net loss formed only 34% of our full-year forecast. We now project MCIL to be profitable in FY3/22F, thanks to lower cost and the possibility of travel resumption. FY3/23F EPS is raised by 42%. We retain our Add call on MCIL, with TP notching up by 1 sen to 21 sen (0.5x CY22F P/BV). A key re-rating catalyst is the travel division going back online.
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