We maintain our earnings projections. After accounting for the KREIT distribution, our TP is revised lower to S$7.52 (prev. S$7.70). Highlights Source: Company, PSR The Positives + 3Q23 Infrastructure revenue grew 1.3% YoY, in spite of a volatile gas price and the implementation of temporary price control measures. 100% of its customers for integrated power sales are locked in on fixed rates, or indexed electricity price plans, for next 2 years. This provides stability to 68% of the group’s revenue. The fuel input costs are hedged, and costs are passed through, including the higher carbon taxes in 2024. + M1 expanded customer base by 7.2% YoY to 2,548. It grew enterprise revenue by 29.4% YoY, due to the acquisition of a Malaysian ICT in late 2022.