Bright spots emerge despite overall difficulties■ 1QFY1/22 core net loss was 2.6x our FY22F forecast (77% of consensus)due to RM43m net forex loss and RM48m capitalised loan fees written off.■ SAPE also continued to incur Covid-19 related costs, which it may be able torecover from clients; hence, we did not downgrade our forecasts materially.■ Reiterate […]

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