SG : Silverlake Axis Ltd - Gradual recovery taking shape

3QFY21 net profit of RM38.7m (+12% qoq, +52% yoy) below expectations due to slower-than-expected recovery in project-related revenue. Order win momentum remains positive and should support sequential earnings recovery in upcoming quarters. Maintain Add with a lower TP of S$0.31, still based on 14.2x CY22F P/E.

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