Solid 3Q21; Cost pressure ahead Slower 3Q21 momentum 3Q21 results slight beat; wind farm disposal to sustain earnings performance in 2022 Backdoor listing on track; 4Q21 performance to sustain good momentum 3Q21 net profit +5.4% YoY; in line with expectation Morning Notes Low market expectation after 3Q21 results; Electric products and export to serve as medium term drivers Softening demand and operating deleverage Moving into 4Q21E games rebound Acquisition of First Services will generate earnings boost of 12% in 2021E