2QFY21 performance not sustainable in 2H■ 1HFY21 results were below expectations; core net profit fell 8% yoy.■ 2Q21 performance improved yoy, but retail segment and MOKL's occupancyrate likely to weaken qoq in 3Q21F; NRP-driven recovery remains uncertain.■ Retain Hold rating with lower TP; 4.7-5.4% dividend yields as key support.

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