MY : UMW Holdings - 3Q21: hit by shorter operating period

9M21 core net profit missed expectations at 8%/9% of our/Bloomberg consensus FY21F PAT due to wider-than-expected losses in 3Q21. We expect Toyota and Perodua sales volume to improve from 4Q21F, driven by a combined order backlog in excess of 100k units as at end-Oct. We lower EPS by 13-33%. Reiterate Add with a lower RM3.90 TP.