Add into FY22F■ AEM's 1H21 results were weaker yoy, as guided by the company earlier.■ 1H21 core net profit was below expectations at 28.1%/31.6% ofour/Bloomberg consensus full-year forecasts.■ Reiterate Add with lower S$4.61 TP (now based on 13.4x CY22F P/E) toreflect the revision to our earnings forecasts and its higher share base.

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