1QFY22F: Initial signs of earnings recovery■ 1QFY22F group EBIT (including regional associates' PAT) likely rose 2-4%yoy (down 1-3% qoq) to S$540m-550m, in line with our estimates.■ We see this being driven by stronger associate and Optus Consumerearnings, as well as narrower Digital Life losses yoy.■ Reiterate Add with an unchanged SOP-based target price of S$2.90.

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