Saturday, November 29, 2014

Strong upside potential seen for Mah Sing

Strong upside potential seen for Mah Sing
PETALING JAYA: Mah Sing Group Bhd is known for its quick turnaround business model, tending to unlock the value of its land-bank quicker with an estimated project timeline of six to eight years, said Credit Suisse Securities Research.
Credit Suisse, which has given Mah Sing an “outperform” rating with a target price of RM2.90, said this had enabled the company to achieve higher property sales relative to its landbank size.
It added that the price points and concepts in Mah Sing’s product mix were one of the most resilient in the current market environment.
The target price of RM2.90 values the stock at 10.5 times its projected earnings in 2015 and is at a discount to its revised net asset value (RNAV) of RM3.36.
Shares of Mah Sing closed three sen up to RM2.33 yesterday.
“We expect net profit to grow at a compounded annual growth rate (CAGR) of 20% driven by record high unbilled sales of RM4.4bil,” Credit Suisse said. It added that despite the strong growth in sales and net profits, rising 4.9 times and 3.7 times respectively, Mah Sing’s market capitalisation growth continued to lag, rising at slow rate of 2.7 times since 2009.
“Its peers have seen market capitalisation moved more closely in tandem with the growth in sales and net profits,’’ Credit Suisse noted.
Credit Suisse said Mah Sing property sales have tripled since 2007, growing at a compounded annual growth rate (CAGR) of 27%.
Assuming Mah Sing’s market capitalisation was to grow at the same pace as its net profits, it would imply a price of RM3.20, based on Credit Suisse’s calculations.
“If the stock grew at the same pace as its growth in property sales, this would imply a share price of RM4.23,” it added.

Wednesday, November 19, 2014


Sunway Berhad OUTPERFORM ↔
Price: RM3.23 9M14 Within Expectations Target Price: RM3.87 ↔
By Sarah Lim l; Adrian Ng l

Actual vs. Expectations
9M14 core net earnings of RM385.7m is considered within expectations as it made up 71% and 80% of our, and consensus‘, full-year estimates, respectively. Its 9M14 property sales of RM1.2b was slightly behind the curve as it only makes up 67% of our, and management’s, FY14E sales target of RM1.8b. We believe conversion of bookings to sales had been slower than expected resulting in the shortfall. Thus far, SUNWAY has replenished its internal orderbook by another RM881m, and yet to secure any external orderbook replenishments to date versus our assumptions of RM1.5b.

Dividends No dividend was declared as expected.
Key Results
Highlights YoY, 9M14 core earnings continued to grow steadily, by 18.6% to RM385.7m underpinned by a 5% revenue growth and more significantly, continuous improvements
in its operating margins to 12.1% (+2.5ppt). While property investment and construction (the two major drivers)registered revenue growth of 24.4% and 1.8%, the property division dragged down overall growth as the segment saw weaker progressive billings. Property investment enjoyed new income streams from its newly completed Sunway Pinnacle and Monash University campus extension while leisure and hospitality divisions reported better contributions. Its property development division boosted the expansion in operating margin due to lower common infrastructure cost allocated to the property development component within some of the integratedprojects.

QoQ, its 3Q14 core earnings increased by 18.5% to RM149.3m despite a lower revenue ofRM1134.0m (-6%)mainly due to further improvements on its operating margin which increased by another 2.8ppt to 13.9%, lifted by its property development division, which saw its operating margin soaring by 25.3ppt to 44.5% due tolower common infrastructure cost and higher profit recognition for Sunway Damansara.

Outlook We think the main reason that 9M14 sales is proportionately behind management’s and our FY14E sales target of RM1.8b, is due to: (i) slower-than-expected conversion of booking to SPA sales, (ii) less launches for 1-2 month period running up to Budget announcement. We expect Sunway to ramp up launches totalling to RM830.0 GDV worth of projects like Citrine Service
Apartment, Sunway Cassia and Sophia Hills in Singapore. Its property unbilled sales remain strong at RM2.8b providing at least 1 – 1.5 years earnings visibility. We are still hopeful that SUNWAY is able to secure some sizeable external orderbooks worth c.RM1.0n in 4Q14/1Q15.
Change to
No change in our earnings estimates at this juncture.
Rating Maintain OUTPERFORM
Valuation We reiterate our OUTPERFORM call on SUNWAY with
our SoP driven Target Price of RM3.87 that implies 18%
discount to our FD SoP of RM4.74 (refer overleaf). We
expect the listing of its construction arm by 1H15 and
newsflow will be buoyed by more external jobs of (i)
RM1.0b by end FY14 and (ii) RM1.5b for FY15.
Risks to Our
Failure to meet sales targets or replenish landbank and
external contract replenishments. Sector risks, including
overly negative policies.

Tuesday, November 18, 2014


Price: RM2.87 9M14 Results Inline Target Price: RM3.48
By Sarah Lim l; Adrian Ng l

Period 3Q14/9M14
Actual vs. Expectations
Matrix Concepts (MATRIX)’s 9M14 core earnings of RM126.1m was well within our, and streets’, expectations, making up 76% and 78% of ours and streets’ full-year estimates of RM167.2m and RM162.5m, respectively. However, its 9M14 sales came in below our expectations
as MATRIX only manages to rake in total sales of RM449.5m that only makes up 56% of our full-year property sales estimates of RM806.0m; note this is inclusive of Sendayan Tech Valley (STV) land sales. The shortfall was mainly due to the lack of land sales from STV for the year owing to timing issues as prospective buyers could have taken a longer approval process on their end
to invest in STV.

Dividends Second interim dividend of 3.75 sen was declared, which brings 9M14 dividends to 11.0 sen adjusted for bonus issue (3.8% yield). This is considered within expectations as 9M14 makes up 66% of our full-year estimates as we are expecting a higher dividend payout in 4Q14.
Key Results
YoY, 9M14 core earnings of RM126.1m saw an increase of 12% from RM112.2m, supported by a marginal 4% improvement on its revenue of RM447.3m coupled with 6ppt expansion on its EBITDA margins from 45% to 51% as they were finally able to recognise the billings from its projects like Hijayu 1A (Phase 1 & 2), which further contributed to better margins.

QoQ, MATRIX’s 3Q14 pre-tax profit remains flattish at RM58.5m despite lower revenue of RM148.8m (-9%) underpinned by lower operating costs, which decreased by 14% to RM90.0m. However, its 3Q14 earnings continued to improve by 6% to RM45.1m mainly attributable to lower effective tax rate of 23% (-5ppt) due to a reversal of non-deductible expenses for tax purposes
due to an over provision in the preceding quarter.
Outlook Pending today’s briefing, we are looking to reduce FY14-15E sales estimates (currently: RM806m-RM824m) and in particular industrial land sales.As for landbanking activities, they are on the lookout for more land in Seremban and Kluang and we do expect more land deals to take place early next year given their light balance sheet. To recap, MATRIX has just replenished 164 acres of industrial land bank that is adjacent to STV back in 19-Sep-14 for RM71.0m.As of 9M14, its unbilled sales stand at RM410.5m providing at least one-year visibility.
Change to Forecasts
No changes to our FY14-15E earnings, pending today’s briefing.
Rating Maintain OUTPERFORM
Valuation We are reiterating our OUTPERFORM recommendation on MATRIX with an unchanged Target Price of RM3.48 based on our FD RNAV of RM4.35 with an unchanged discount of 20%, despite the softer outlook on the property market as we believe that MATRIX is well positioned in
the affordable housing segment and industrial developments within the Greater Klang Valley region.
Furthermore, its valuation is still cheap, trading at only 7.8x and 6.8x FY14-15E PERs coupled with decent dividend yields of 5.8%-6.6% vs. its peers average of 4.5% - 5.5%, respectively.

Risks to Our Call
Unable to meet sales targets or replenish landbank.Sector risks, including additional negative policies.(should just list down as Negeri Sembilan's MB has suggested to increase the Bumiputra's quota of new residential properties from 30% to 50% and this will  negatively affect all property developers in the state especially  Matrix -- a Ngeri Sembilan's property giant!)

9MFY14 Results In Line
  • Matrix’s 9MFY14 reported PATAMI of RM126.1m came in within expectations.
  • 3.75 sen net DPS was declared in 3Q14, bringing YTD DPS to 12.5 sen
  • We understand that the group’s 3QFY14’s ongoing billings are largely coming from BSS and TSI. New sales during the quarter were RM159m vs. RM138m in 2QFY14.
  • Matrix also launched several developments during the quarter, which totaled to RM146m.
  • As at 9MFY14, the group’s total unbilled sales stands at RM410.5m, representing 0.71x of FY13’s property development revenue.
  • We maintain our TP at RM3.74 (20% discount to RNAV), which implies FY15E P/E of 7.2x. Maintain BUY.

Saturday, November 15, 2014



To a large degree, the investment community is its own worst enemy in scaring off the individual investor. This is very unfortunate because stock investing is one of the best avenues the average person has of accumulating substantial wealth.

P/E ratios are easy to find. Just about every newspaper, magazine and stock report publishes P/E ratios. Everybody seems to talk about them when discussing stocks. So P/E ratios must be a great way to compare stocks.

Right? Wrong!

If you were told that Fly-By-Nite Industries had a P/E of 7, and Fantastic Plastics Inc. had a P/E of 14, would you buy Fly-By-Nite Industries instead of Fantastic Plastics Inc.? You might, but you wouldn't be comfortable making that decision. Why? Because you need more information. You'd like to know a whole lot of things before you decide which stock to buy. One of the most important things you'd like to know is the worth of each stock based upon its earnings, profitability and other key financial data. In other words, you'd like to have a sense of the stock's intrinsic value. P/E ratios don't say anything about a stock's value!

What investors need is a Value to Price ratio. With a Value to Price ratio, investors would know immediately whether a stock was cheap, expensive or fairly priced. But this means we have to have a way of computing value. Of course there are theories and formulas for computing intrinsic value. But they are complex, and some sophisticated investors even say they are unfathomable. Consequently, most investors, even the pros, don't begin to look at stock's intrinsic value! They resort to trivial devices like comparing P/E ratios.

A woman recently said to me, "I'm just scared to death of stocks. I can't afford to lose my hard earned money." The perception of high risk in stock investing is not totally without merit. Many investors have lost substantial sums of money in the market. Visions of investors jumping out of windows back in 1929 are graphic reminders of the risk inherent in stock investing.

Recent events in the market...the Great Crash of '87, the Friday the 13th Mini-meltdown, the ills of Program Trading, insider trading, the Mercury Financial and Bre-X scandals, have also contributed to the casino image associated with stock investing. This is very unfortunate because stock investing is one of the best ways the average person has of accumulating substantial wealth. It just requires a few simple techniques and some discipline. In fact, it can be a lot safer than investing in real estate, collectibles, or your own business.

Here's how to make good money in stocks at low risk:
  • Buy stocks with consistent, predictable earnings growth
  • Buy stocks with earnings growth rates of at least equal to the sum of current inflation and interest rates
  • Do Not put more than 10% of your money into any single stock
  • Do Not own more than two stocks in the same industry
  • Do Not plunge into the market. Spread the investments over time.
  • Use Stop-Sell orders to limit risk
Stocks with consistent, predictable earnings growth are the safest stocks you can buy. They represent the best managed companies in America. A stock portfolio with an average earnings growth rate of at least 14%/yr. has a high probability of doubling in five years. In twenty years it will have increased by 1,500 percent.

If you bought 10 stocks, and limited your loss on any single stock to 10% by using Stop-Sell orders, your total portfolio risk is only 10%. Your risk on any single stock is only 1% of your total portfolio. How many investments can you think of that have the upside potential of stocks with such limited risk exposure?

There's an old adage that says the way to make money in the stock market is to buy low and to sell high. That, of course, is an irrefutable truth. The only problem is that many investors confuse this bit of conventional wisdom with the assumption that if the price of a stock is going down it is low, and if it is going up it is high. Consequently, they buy stocks on the way down and sell on the way up. There's hardly a worse thing an investor could do.

Stocks are bought on the expectation that they will go up. If a stock is going up in price, it is fulfilling that expectation. When the price is going down, it is denying that expectation. Therefore, it is logical to buy a stock when its price is going up. Moreover, one of the best times to buy a stock is when the price has broken above an old high. At this point there are no unhappy holders who are waiting to dump the stock. If the stock is fairly valued, there should be clear sailing ahead.

For many years stockbrokers and mutual fund salesmen have been saying that stocks are a hedge against inflation. Well, they are and they aren't. It depends on how you look at it.

A true inflation hedge is one that goes up in value with higher a house, or gold, or collectibles. But, the fact is, inflation is the stock market's number one enemy. When inflation goes up, interest rates go up and two things happen. For one thing, investors say, "Golly, I can make all that money on high interest rate bonds so why should I invest in stocks." So they take their money out of the stock market, and stock prices go down. The second thing that happens is that the cost of doing business goes up. So corporate earnings go down, and stock prices go down.

So why in the world would anybody say that stocks are a hedge against inflation? It's because they can make money in stocks faster than inflation will eat it up. All they have to do is invest in stocks which have earnings growth rates higher than the sum of inflation and long-term interest rates. When they do that, the price of the stock will go up faster than inflation. And they will be whipping inflation by staying ahead of it.

Of all the myths in the market, this may be the cruelest and the most foolish. Everyone knows that the elderly are not supposed to take risks. They must be very conservative because their earnings power is limited. They can't afford to lose their money! Well, who decided that young people could afford to lose their money?

If any group needed to watch every penny, it's the young. They need money to start a family, buy a house, buy furniture, save for the future and on and on. Furthermore, young people usually are at the low end of the earnings scale. They have precious little disposable income.

Young people have an invaluable asset on their side, however. Time. They don't need to take risk. They can invest in tried and true companies that make money year in and year out. At 10%/year growth, their investments will double every seven years. By the time baby is off to college, that initial safe investment has increased by a factor of eight.

When you have time, you can afford patience. Patience pays off in the market.

Tuesday, November 11, 2014

IOI Properties Group Bhd from KENANGA INVESTMENT

Quick Bites
11 November 2014
PP7004/02/2013(031762) Page 1 of 6
IOI Properties Group Bhd OUTPERFORM ↔
Price/TEAP: RM2.70/RM2.59 An Unexpected Cash Call Target Price: RM3.10 ↔
By Sarah Lim l

Proposed renounceable rights issue on the basis of 1 (1) rights share for every 6 (6) IOIPG shares held at a fixed issue price of RM1.90 (28% discount to the TEAP of RM2.64). The group is also establishing an ESOS scheme (up to 10% of share capital) as well. The exercises are expected to be completed in 1QCY15.

Comments The rights issuance will raise RM1.03b in proceeds and will increase its share base by 17% to 3.78b shares(before ESOS conversions).Rationale for the cash call is mainly for its investment property CAPEX, working capital and “investment opportunities” (refer overleaf).

We were taken by surprise by the cash call. While cognisant of their heavy CAPEX commitments, we had previously assumed that it will take place gradually over a 3-5 year period and would be driven by operating cashflow and borrowings, particularly as they have a low net gearing of 0.15x in 4Q14. Assuming a maximum net gearing of 0.50x, the group would have been able to raise some RM3.9b worth of funds. However, we gather that IOIPG rather not tax its balance sheet as much of it will be used to fund CAPEX of investmentproperties which does not generate the same payback period as the property development. Furthermore, we dare venture to say that the company is readying funds for future overseas or local landbanking, particularly when times appear to be
challenging globally. We are NEUTRAL on the deal because it does not translate to near term excitements while new landbanking is unlikely to significantly add to IOIPG’s valuation considering its massive GDV base while the stock is already trading at a peak 55% discount to its RNAV.
Post-exercise, our FY15E net gearing will be lowered to 0.21x from 0.23x after taking into account the CAPEX spent.

Outlook The Bangi township project will likely be launched by 2H15 and its first phase will feature double-storeyterraces and shoplots. IOI City Mall, Putrajaya will be completed by year end and we gather that most of the retail spaces have been rented out.

Forecast No changes to FY14-15E estimates.

Rating Maintain OUTPERFORM
Valuation The exercise will reduce our FD RNAV by 5% to RM5.31. However, we rather maintain our TP of RM3.10, which implies a narrower RNAV discount of 42% (45% previously). The applied RNAV discount is in linewith our sector average of 41%.we believe that the companymay be looking to acquire new assets in thenext 12 months. Also, IOIPG is a sector laggard, which has surprised the market with dividends, while earnings disappointments are less likely considering that we have
trimmed earnings in the last 3 consecutive quarters.

Risks to Our Call
Failure to meet sales targets. Sector risks, including
overly negative policies.

Monday, November 10, 2014

DOKTOR BUDAK --- we answer your question on child health

About us

We are a group of paediatricians in Malaysia who would like to create an online avenue for parents to ask questions about child health care.
We spend alot of time with babies and children and we often meet anxious parents who have many questions and we realise they are all pertinent questions.
Parents do need good information to care for their child.
We hope this website will be a good place for you to find answer to your questions.
DoktorBudak is a collective effort of several paediatricians and paediatric related specialists in Malaysia. We also have a paediatric dentist, a paediatric surgeon, a child psychiatrist, a speech therapist and a nutrionist. They form the board of panel to answer your questions.

Friday, November 7, 2014

When less popular stocks do better than admired peers -- James Saft

When less popular stocks do better than admired peers

Thursday, 6 November 2014
As in high school, maybe investment boils down to that mysterious thing: popularity.
Except in terms of putting money into stocks, it seems to be those eating lunch alone who do best in the end.
"We believe that most of the best-known market premiums and anomalies can be explained by an intuitive and naturally occurring (social or behavioral) phenomenon observed in countless settings: popularity," write Roger Ibbotson and Thomas Idzorek in a paper recently published in the Journal of Portfolio Management. (
They show strong evidence that, over long periods, stocks which we can call less popular actually do better than those which, on a variety of measures, are just more admired or highly sought after. In one light, this is essentially another side of that old market truism which holds that when the fund manager or stockbroker is the most popular guest at a cocktail party then it just might be time to sell.
Ibbotson, of Yale, and Idzorek, of Morningstar Investment Management, argue that popularity can be that rare thing: a lens through which to make sense of the contrasting claims of both the efficient markets and behavioral approaches to explaining securities pricing.
Using stock market turnover as a marker of popularity, the authors find a strong correlation between both higher returns and lower volatility. Stocks in the lowest quartile of popularity had an annualized return of 15.51 percent between 1972-2013, as compared to just 8.27 percent for those in the top quartile.
If you further examine a ranking of stocks by popularity to look at how they do by volatility you find a general trend of less popular stocks outperforming higher ones in each of the four volatility quartiles.
They did similar studies to look at stocks by both popularity and beta, size and valuation and got what they called similar results.
"Measured by turnover, the more popular a stock, the less its return, the less popular a stock, the higher its return."
Economic theory holds that in a rational world (forgive me for laughing), the risk of a given investment ought to be strongly linked to its expected returns. That's just another way of saying that investors expect to be paid for holding riskier assets.
Except of course, as we all know from casual observation and study, it doesn't always quite work that way. While this generally holds true in asset classes (think stocks returning more than bonds) there are significant anomalies which investors have explored and puzzled over for decades.
That this is true doesn't in itself discredit the efficient market hypothesis, but rather shows that things other than risk drive asset returns within asset classes. The so-called low-beta anomaly, which holds that stocks with lower volatility on some measures do better than higher-volatility stocks, may simply reflect a preference for shares with embedded leverage among fund mangers who aren't allowed to use leverage themselves, according to a theory from Cliff Asness of AQR Capital.
Ibbotson and Idzorek think that popularity is in part a reflection that the underlying stocks have attributes that people want, such as liquidity, size or value.
Liquid stocks are easier to trade, big stocks allow investors to buy and sell in large size without moving the market too much, and shares trading at high valuations usually have great 'stories' and, significantly, no black marks against them.
But there can also be behavioral reasons that investors chase one stock and shun another, factors which might create irrational pricing. The revulsion investors feel when considering a stock which might go bankrupt, for example, may bring on a stronger reaction than the mathematical probability of loss. Conversely, a great-story stock, like Facebook, with a very high price, may bring with it warm feelings, not least the anticipation of getting rich if it keeps on shooting up, which make investors willing to pay too much.
Broadly speaking those aspects of popularity that are traits which are expected to be permanent, or long lasting, such as liquidity or volatility, are consistent with efficient markets.
Those things which are passing in nature, the popularity of Apple or Facebook, or stocks which are much in the news, are consistent with behavioral investment explanations.
The well liked, the familiar and the easy to access may have great qualities as companies and some advantages as investments, but it pays to look for companies with hidden depths. – Reuters
* James Saft is a Reuters columnist. The opinions expressed are his own

Tuesday, November 4, 2014

Why Invest In Stocks?

plenty of educational materials from our BURSA MALAYSIA, go have a good read

Why Invest In Stocks?
Investing is making your money work for you by getting your money to generate more money. Investing in stocks has consistently proven to be one of the most profitable forms of investment available.
The benefits include:
  • Immediate Buy/Sell so you can sell part of your investment any time. Very low transaction cost.
  • The freedom to work at your own place, at your pace in your own time.
  • Easy monitoring - log in to the market from anywhere in the world.
  • Being able to maximise returns whilst spreading your risk.
  • A predictable form of investment if you know what you're doing.
  • Putting you in control and freeing you of fund management fees.
  • Considerable tax advantages.
Things to watch out for:
  • The market can be a volatile place.
  • You must acquire knowledge of what you are doing.
  • You must monitor your investments.
  • You must learn the discipline to enter and exit the market on entry and exit signals.

Can Ordinary People Profit from the Stock Market?

Many people say things like "I'd love to get into the stock market" or "If I had more money, I'd invest in stocks". Many people also believe that to make a profit from the stock market you either need to be rich already, be a full-time investment trader or be a financial whiz.
Not necessarily so.
Let's take a look at three different scenarios of ordinary people in the stock market to see how they fared. This will let us view how the process works, the different approaches, and how returns are generated.

Scenario 1

John works in a manufacturing plant earning RM33,000 a year. After rent, living and personal expenses, John has managed to save RM1,500 over the past 6 months that he wants to invest in the stock market. John buys 1,600 shares in ABC Mining at RM0.90 per share (RM1,440). He also pays RM32.95 brokerage fees for buying the shares. In total, John has invested RM1,472.95.
Six months later John decides to sell his shares. He has kept an eye on the performance of ABC Mining and they have risen to RM1.19 a share. John sells his shares for RM1,904. He also pays RM32.95 brokerage fees for selling his shares, leaving him with RM1,871.05. That is a profit of RM398.10.
RM398.10 may not sound a lot, but remember John only invested RM1,472.95 for 6 months, so he won't make a huge return. Nevertheless, John made a 27% profit which is far better than he would have made by putting the money into his savings account.

Scenario 2

May and Chong both work full-time in professional jobs. Together, they earn RM120,000 per year. After mortgage repayments, living and personal expenses May and Chong have managed to put away RM5,000 that they want to now invest in the stock market. They buy 1,500 shares in AAA Steel at RM1.48 a share (RM2,220) and 1,500 shares in XY Manufacturing at RM1.33 a share (RM1,995). They also pay RM65.90 brokerage fees for the two transactions. Their total outlay is RM4,280.90.
Over the next 12 months AAA Steel shares have risen to RM2.60 a share and XY Manufacturing shares have moved to only RM1.38 a share. May and Chong sell their shares for a total of RM5970. They pay their broker RM65.90 and are left with RM5904.10. Their initial investment was RM4,280.90. So, they make a profit of RM1,623.20.

Scenario 3

Aminah is retired, owns her own home and earns a comfortable income from several long term investments. Aminah would like to invest RM15,000 that she has set aside for buying shares.
Aminah selects a portfolio of 5 companies and aims to invest around RM3,000 in each. Aminah buys 3,333 shares in ABC Mining at RM0.90 a share (an investment of RM2,999.70). She also buys 2,027 shares in AAA Steel at RM1.48 a share (RM2,999.96) and 2,255 shares in XY Manufacturing at RM1.33 a share (RM2,999.15). To complete her portfolio, Aminah buys a further 2,912 shares in MM Multimedia at RM1.03 a share (RM2,999.36) and 3,000 shares in BB Furniture at RM1.00 a share (RM3,000). Aminah also pays RM164.75 brokerage fees for buying the shares. In total, Aminah has invested RM1,5162.92.
12 months later Aminah sells her shares. Four of the shares have increased in value but BB Furniture has dropped to RM0.95 a share. ABC Mining rose to RM1.19 a share returning RM3,966.27. AAA Steel rose to RM2.60 a share returning RM5,270.20. XY Manufacturing rose to RM1.38 a share returning RM3,111.90. MM Multimedia rose to RM1.09 a share returning RM3,174.08. BB Furniture dropped to RM0.95 a share returning RM2,850. In total, Aminah's shares returned RM18,372.45 less RM164.75 for brokerage. This gives a total of RM18207.70, earning a profit of RM3,044.78.
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