1QFY22 driven by a less disruptive MCO■ 1QFY3/22 results were broadly in line; core net profit improved substantiallyyoy on stronger billings and easing MCO restrictions.■ All divisions were profitable in 1QFY22; lower forex gain hurt plantations.■ Reiterate Add with a lower TP; potential one-off 8.2% dividend yield in FY22F.

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