NEGATIVE - FoxLogica

⏸️ BAPL: HOLD Signal (5/10) – Transmission of Quarterly Financial Statements for the Period Ended September 30, 2025

⚡ Flash Summary

Bawany Air Products Limited (BAPL) reported a net loss of (PKR 5.661 million) for the quarter ended September 30, 2025, compared to a loss of (PKR 1.859 million) in the same period last year, resulting in an EPS of (PKR 0.75) vs. (PKR 0.25). The company’s current assets increased significantly from PKR 135.429 million to PKR 3,292.696 million, while current liabilities also rose from PKR 6.132 million to PKR 40.713 million. The company is in the process of acquiring 100% shareholding in Alman Seyyam Sugar Mills (ASSML).

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 BAPL’s net loss widened significantly to PKR (5.661) million in Q3 2025 from PKR (1.859) million in Q3 2024.
😟 EPS deteriorated to (PKR 0.75) in Q3 2025, compared to (PKR 0.25) in the same quarter last year.
📈 Current assets surged to PKR 3,292.696 million, a notable increase from PKR 135.429 million.
⚠️ Current liabilities also increased substantially to PKR 40.713 million (2025) from PKR 6.132 million (2024).
💰 The company’s equity decreased from PKR 130.136 million to PKR 34.916 million.
💼 BAPL is undertaking a significant strategic shift by changing its object clause to include investments in shares and securities.
🤝 The company is in the process of acquiring 100% shareholding in Alman Seyyam Sugar Mills (ASSML).
✅ PSX removal from the non-compliant counter is a positive signal, restoring confidence among shareholders.
💸 The company is issuing shares to the sponsor shareholders of ASSML as part of the takeover consideration.
🏦 BAPL’s cash and bank balances are low at PKR 493,520 as of September 30, 2025.
📄 The report is unaudited, so figures are subject to change.
🤝 The company acknowledges shareholder support and looks forward to strengthening relationships.
🏢 Naim Anwar (CEO) and Muhammad Ali (Director) signed off on the Director’s report.

🎯 Investment Thesis

Given the company’s current financial performance and ongoing turnaround efforts, a HOLD rating is appropriate. The acquisition of Alman Seyyam Sugar Mills could potentially improve the company’s prospects, but there are significant integration and execution risks. A price target cannot be specified due to the uncertainty surrounding the company’s future performance. Time horizon: MEDIUM_TERM (2-3 years) to allow for the turnaround strategy to take effect.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements MSCL Signal: HOLD

⏸️ MSCL: HOLD Signal (5/10) – Corporate Briefing Session 2025 – Presentation

⚡ Flash Summary

Metropolitan Steel Corporation Limited (MSCL) reported a challenging financial year ending June 30, 2025. Sales revenue decreased by 18% to Rs. 100.747 million compared to Rs. 122.475 million in the previous year. The company experienced a gross loss of Rs. 11.683 million, a significant drop from the gross loss of Rs. 17.213 million in the prior year. Despite these challenges, the company maintains a debt-free balance sheet and is exploring strategies to enhance sales volume through negotiations with Chinese suppliers.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Sales revenue decreased by 18% to Rs. 100.747 million in FY25 from Rs. 122.475 million in FY24.
📉 Cost of sales decreased by 20% to Rs. 112.430 million.
📉 Gross loss was Rs. 11.683 million, compared to a loss of Rs. 17.213 million in the previous year.
🏭 Capacity utilization decreased to 5.98% (299 Tons) from 8.50% (425 Tons) in the previous year, a reduction of 2.52%.
💰 The company reported a net loss after tax of Rs. 12.423 million (FY24: Rs. 23.341 million).
✅ The authorized share capital is Rs. 500 million, and the issued, subscribed, and paid-up capital is Rs. 309.776 million.
⚖️ The company has no long-term or short-term loans from financial institutions.
🇨🇳 MSCL is negotiating with Chinese suppliers to accept 90-day DA LC terms to enhance working capital.
🌍 The company cites increased energy prices, slow economic activity, and downturn in China’s market as reasons for sales decline.
📊 Current Ratio decreased to 0.29 in 2025 from 0.39 in 2024.
💸 EPS was negative at -0.40 in 2025 compared to -0.75 in 2024.
🌱 The company anticipates reasonable growth due to decreased prices and Dollar Rupee parity.

🎯 Investment Thesis

Given the current financial performance and associated risks, a HOLD rating is recommended for MSCL. The declining sales, negative profitability, and operational inefficiencies raise concerns about the company’s ability to generate returns. While the company’s debt-free status is a positive factor, it is insufficient to warrant a BUY recommendation. A turnaround strategy and successful implementation of initiatives to boost sales volume are necessary before considering a more positive outlook. The price target is difficult to ascertain given current losses, but I would consider the current share price to be fair.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements ARUJ Signal: HOLD

⏸️ ARUJ: HOLD Signal (5/10) – PRESENTATION CORPORATE BRIEFING SESSION (CBS)30-06-2025

⚡ Flash Summary

Aruj Industries Limited will hold a corporate briefing session on November 27, 2025, to discuss the company’s business results for the year ended June 30, 2025, and provide a future outlook. The company recorded sales of Rs. 191,800 in the last financial year, but faced challenges due to high costs. EPS for the period ended June 30, 2025, was Rs. (3.86), compared to Rs. (32.21) in the prior year. The announcement suggests a potential operational update and discussion on strategies to improve profitability.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📅 Corporate Briefing Session scheduled for November 27, 2025.
🏢 Aruj Industries Limited to discuss business results for the year ended June 30, 2025.
📉 Sales recorded at Rs. 191,800 in the last financial year.
💸 High cost of doing business impacted financial performance.
📉 EPS for the period ended June 30, 2025, is Rs. (3.86).
📉 Previous year’s EPS was Rs. (32.21).
📍 Venue: 2-KM Off Raiwind Manga Road, Raiwind, Lahore.
👤 Contact person: Mr. Muhammad Sajjad Hussain, Company Secretary.
📱 Contact number: 0301-4254312.
📧 Email address for inquiries: sajjad@aruj.com.
💻 Virtual attendance via Zoom; registration required by November 25, 2025.
📄 Corporate presentation will be shared.
🔍 Original CNIC required for identification during the session.

🎯 Investment Thesis

Given the current financial performance and risks, a HOLD recommendation is warranted. The significant revenue decline and continued losses underscore the need for a strategic turnaround plan. While the improved EPS compared to the previous year is a positive sign, it’s insufficient to justify a BUY rating. A SELL rating is not recommended, as the company is still operational, and there may be potential for future improvement. The investment thesis depends on the management’s ability to stabilize revenue, reduce costs, and achieve profitability. Monitor the briefing session for insights on turnaround strategies. Price target: N/A; Time horizon: Medium Term (6-12 months).

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 27, 2025

announcements Signal: SELL TSPL

📉 TSPL: SELL Signal (8/10) – Presentation for Corporate Briefing Session

⚡ Flash Summary

Tri-Star Power Limited (TSPL) is a Pakistan-based public limited company involved in electricity generation, distribution, and the leasing of power generating plants. The company’s plant has been given on rental to an associated concern. However, due to the stoppage of gas supply by SSGC, the plant cannot be used and as such rental could not be charged. The plant is old and requires high maintenance, and the company is looking for alternative/renewal energy sources requiring fresh investment.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🏭 TSPL’s primary activity is electricity generation, distribution, and power plant leasing.
📅 Incorporated in Pakistan on September 27, 1993.
🇵🇰 Shares are listed on the Pakistan Stock Exchange.
🏢 Registered office is in Karachi, Pakistan.
🛑 Plant rental operations are currently halted due to gas supply issues from SSGC.
⏳ The plant is old, requires high maintenance, and cannot be used due to gas stoppage.
🌱 TSPL is seeking alternative/renewal energy sources.
💼 As of June 30, 2025, the company’s paid-up capital remained constant at PKR 150,000,000.
📉 The company reported a net loss of PKR (10,317,806) for the year ended June 30, 2025.
🔻 Accumulated losses increased to PKR (49,279,528).
⬇️ Sales (lease rental) decreased to PKR 5,000,000 in 2025 from PKR 14,114,000 in 2021 and PKR 16,034,490 in 2020.
Current ratio decreased to 2.61 in 2025 from 3.41 in 2024
❌ The company did not declare any cash or bonus dividends in the last six years.

🎯 Investment Thesis

Given the continued losses, operational challenges, and increasing accumulated losses, a SELL recommendation is appropriate for TSPL. The absence of dividends and the declining financial performance makes it an unattractive investment. The need for fresh investment in alternative energy sources also adds uncertainty.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements ASTL Signal: SELL

📉 ASTL: SELL Signal (8/10) – Corporate Briefing Session 2025 – Presentation

⚡ Flash Summary

Amreli Steels Limited (ASTL) reported a challenging financial year ending June 30, 2025. The company experienced a significant drop in rebar sales quantities, leading to a substantial net loss. Ongoing financial restructuring and unavailability of working capital lines were major contributing factors to the decline in sales volume. Despite macroeconomic indicators showing signs of improvement, ASTL’s overall financial performance remained weak, highlighted by negative EPS and a significant operating loss.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Sales decreased to PKR 16.08 billion, compared to PKR 38.78 billion in the previous year.
⛔ Gross profit significantly declined to PKR 76.01 million from PKR 2.40 billion.
😔 Operating loss widened to PKR 1.06 billion compared to an operating loss of PKR 130.79 million.
💔 Net loss reached PKR 3.81 billion, versus a net loss of PKR 6.11 billion last year, but still a significant loss.
📉 Loss per share (LPS) stood at PKR (12.83).
📉 Rebar sales quantities dropped by 59% to 71,602 MT from 156,526 MT.
🏭 Capacity utilization significantly decreased, contributing to elevated cost of sales.
💲 Average scrap costs decreased due to lower CNF prices and rupee appreciation, but overall cost of sales remained high.
⚡ Electricity tariffs declined from Rs. 45/kWh to Rs. 34.6/kWh, but the benefit was offset by fixed load charges.
💰 The company’s financial restructuring includes converting approximately PKR 11 billion of short-term facilities into long-term facilities.
💪 Planned injection of PKR 4 billion via equity and sale of non-core assets to strengthen working capital.
📈 Cement dispatches are up 12% YoY, indicating increased construction demand, which could benefit future sales.
💲 Steel scrap volumes increased by 56% YoY in 1QFY26, suggesting potential recovery in production.
🚫 FATA/PATA exemptions have been cut down, aligning with industry norms.

🎯 Investment Thesis

Given the company’s negative financial performance, ongoing restructuring, and significant risks, a SELL recommendation is warranted. While the financial restructuring plan aims to improve liquidity and reduce finance costs, the timeline for turnaround is uncertain. The price target is significantly below the current price, reflecting the challenging operating environment and weak financials.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements CRTM Signal: HOLD

⏸️ CRTM: HOLD Signal (5/10) – Presentation for the Corporate Briefing Session 2025

⚡ Flash Summary

Crescent Textile Mills Limited’s Corporate Briefing Session for FY2025 reveals a challenging year. Sales revenue decreased by 20% to PKR 19,004 million, impacting profitability as the company posted a loss after tax of PKR 287 million compared to a profit of PKR 1,750 million in the previous year. Despite the revenue decline, gross profit increased by 25% to PKR 1,704 million. The company remains committed to operational excellence, product diversification, and innovation, according to the future outlook presented.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Sales revenue decreased by 20%, from PKR 23,756 million in 2024 to PKR 19,004 million in 2025.
⬆️ Gross profit increased by 25%, from PKR 1,361 million in 2024 to PKR 1,704 million in 2025.
🔻 Loss after tax increased by 84%, from a profit of PKR 1,750 million in 2024 to a loss of PKR 287 million in 2025.
⬆️ Non-current assets increased by 7%, from PKR 14,776 million in 2024 to PKR 15,754 million in 2025.
Revenue reserves decreased by 8%, from PKR 3,306 million in 2024 to PKR 3,042 million in 2025.
🔻 Earning per share (EPS) decreased by 84%, from PKR (17.50) in 2024 to PKR (2.87) in 2025.
⬆️ Current ratio increased by 3%, from 0.79 times in 2024 to 0.81 times in 2025.
🔻 Cash flow from operations to sales decreased by 64%, from 11.51 in 2024 to 4.15 in 2025.
10/s~ 100/s yarn counts offered in the spinning product range.
Production capacity in spinning is 31.434 million kg per year.
Processing capacity is 41.4 million meters yearly.
New Digital Printing Machine 134″ width added during 1st Quarter 2025 having capacity of 1.4 million meter yearly.
Running capacity of power plant: 11~12 MW
Renewable Energy: 3.5 MW solar energy plant installed at its manufacturing facility in Hattar, KPK and at Faisalabad.

🎯 Investment Thesis

Due to the significant decline in revenue and the company’s shift to a net loss, a HOLD recommendation is appropriate at this time. While the company expresses commitment to improvement, it is prudent to await tangible evidence of a turnaround before considering a more bullish stance. The price target is set at the current market price, contingent on monitoring the company’s performance over the next 6-12 months.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements DADX Signal: SELL

📉 DADX: SELL Signal (8/10) – Corporate Briefing Session – 2025 Presentation

⚡ Flash Summary

Dadex Eternit Limited’s Corporate Briefing Session for 2025 reveals a challenging financial year. The company experienced a significant decrease in sales revenue, dropping from Rs 1,348.496 million in 2024 to Rs 936.616 million in 2025. This decline contributed to a substantial net loss after tax of Rs 407.047 million, a deterioration from the loss of Rs 350.403 million in the previous year. The company’s strategic focus is on cost reduction and revenue enhancement plans, addressing raw material volatility and operational efficiency.

Signal: SELL 📉

Strength: 8/10

Sentiment: NEGATIVE

Time Horizon: SHORT_TERM

📌 Key Takeaways

📉 Sales revenue decreased from Rs 1,348.496 million in 2024 to Rs 936.616 million in 2025.
😔 Net loss after tax widened to Rs 407.047 million in 2025 from Rs 350.403 million in 2024.
📉 EPS declined to (Rs 37.82) in 2025 compared to (Rs 32.55) in 2024.
💰 Equity decreased from Rs 511.890 million in 2024 to Rs 434.804 million in 2025.
📉 Operating profit/loss showed a loss of Rs 259.677 million in 2025 compared to a loss of Rs 145.402 million in 2024.
📉 Gross Profit Margin Ratio decreased to (5.85%) in 2025 from 5.06% in 2024.
📉 Operating Profit Margins (EBIT) % decreased to (33.25%) in 2025 from (12.99%) in 2024.
📉 Return on Equity (Gross) % decreased to (93.62%) in 2025 from (68.45%) in 2024.
⚡ Electricity & Gas Tariff Pressures identified as a key challenge.
🚧 Construction Sector Slowdown impacting demand and inventory turnover.
📈 Continuous upward revisions in industrial tariffs affecting per-unit production cost.
💲 Efforts to renegotiate raw material and logistics contracts to reduce input costs.
🌱 Plans to expand market share through targeted sales in construction and infrastructure projects.
✨ Focus on diversifying into higher-margin segments such as industrial pressure pipes and telecom ducting.

🎯 Investment Thesis

Given the significant financial challenges and negative trends, a SELL recommendation is warranted. The company’s declining revenues, widening losses, and operational inefficiencies raise concerns about its ability to generate returns. Until Dadex demonstrates a clear turnaround strategy with tangible results, investment should be avoided. I believe that the firm’s cost and revenue enhancement plans may have a small impact, so I am only setting a 6 month time horizon.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements ITTEFAQ Signal: SELL

📉 ITTEFAQ: SELL Signal (7/10) – CORPORATE BRIEF SESSION 2025

⚡ Flash Summary

ITTEFAQ Iron Industries Limited’s Investor Briefing Presentation for Financial Year 2025 reveals a challenging year. The company experienced a decline in net sales from 2,271.68 million in 2024 to 2,651.93 million in 2025. This led to a gross loss of (459.26) million and a net loss of (657.98) million with an EPS of (4.56). The company is focusing on cost reduction through direct procurement, energy conservation, and managing exchange rate risks.

Signal: SELL 📉

Strength: 7/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

📉 Net sales increased to 2,651.93 million in 2025 from 2,271.68 million in 2024.
🚧 Cost of sales increased to (3,111.19) million in 2025 from (2,906.91) million in 2024.
💔 Gross profit decreased to (459.26) million in 2025 from (635.22) million in 2024.
💸 Operating loss increased to (594.06) million in 2025 from (806.76) million in 2024.
💰 Finance costs slightly increased to (88.56) million in 2025 from (88.01) million in 2024.
📉 Loss before taxation was (664.96) million in 2025 compared to (884.01) million in 2024.
📊 Loss after taxation was (657.98) million in 2025 compared to (821.69) million in 2024.
📉 EPS decreased to (4.56) in 2025 from (5.69) in 2024.
🏢 The company’s market portfolio includes retail, corporate, and government sectors.
🏭 G-60 re-bars are used by corporate and government sectors, while G-40 re-bars are used by retail sectors.
⚡️ Conservation and energy cost management are key areas of focus to improve margins.
💹 Exchange rate fluctuations and government policies continue to impact conversion costs.
💵 Government policies related to interest rates affect cost and net margin.
💻 Digital Analyst Connect Program for better connectivity and transparency.

🎯 Investment Thesis

Given the current financial performance and negative profitability, a SELL recommendation is appropriate. The company needs to demonstrate significant improvement in cost management and operational efficiency before a positive outlook can be considered. Price target: Below book value. Time horizon: Medium-term (1-2 years).

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements ICCI Signal: HOLD

⏸️ ICCI: HOLD Signal (5/10) – Corporate Briefing Session Presentation 2025

⚡ Flash Summary

ICCI Industries Ltd. reported financials for the year ended June 2025. The company has shifted focus from textiles to real estate and warehousing. Revenue decreased slightly to Rs. 50.148 million from Rs. 52.974 million in 2024. The company suffered an after-tax loss of Rs. 16.538 million, compared to a loss of Rs. 11.648 million in the previous year.

Signal: HOLD ⏸️

Strength: 5/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

🏭 ICC Industries transitioned from textiles to real estate and warehousing in Feb 2020.
🗓️ Financials are for the year ended June 2025.
🏢 Company has a significant land area in Sundar, Lahore.
📉 Revenue decreased from Rs. 52.974 million to Rs. 50.148 million.
📉 After-tax loss increased from Rs. 11.648 million to Rs. 16.538 million.
🏢 Decrease in fair value of investment property impacted earnings (-Rs. 4.3 M).
💸 Admin expenses increased due to enhanced minimum wage requirements (Rs. 2.3 M).
🤝 Sponsors injected Rs. 3.0 M in interest-free loans to meet working capital needs.
💸 Minimum wage enhanced from Rs. 37,000 to Rs. 40,000 w.e.f. Jul 01, 2025.
🏢 Warehousing services are now a significant part of the covered area.
⚠️ Political polarization, regional security, and global market volatility remain risks.
👍 Macroeconomic conditions show signs of improvement with easing inflation and reduced policy rates.

🎯 Investment Thesis

Given the current losses and transition phase, a HOLD recommendation is appropriate. The company’s future performance depends on its ability to successfully execute its real estate and warehousing strategy. Investors should wait for evidence of profitability and revenue growth before considering a BUY recommendation.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

announcements ESBL Signal: HOLD

⏸️ ESBL: HOLD Signal (6/10) – Corporate Briefing Session Presentation 2025

⚡ Flash Summary

Escorts Investment Bank Limited (EIBL) reported a revenue of Rs. 108.38M for the year 2025, a decrease from Rs. 136.49M in the previous year. The company experienced a higher loss of Rs. 68.40M compared to Rs. 23.10M in FY24, primarily due to increased prudent provisioning. Despite the revenue decline, EIBL focuses primarily on lending business including Housing Finance, Corporate Finance & Micro Finance. The company received a public announcement of intention and signed an MOU with a substantial acquirer during the year.

Signal: HOLD ⏸️

Strength: 6/10

Sentiment: NEGATIVE

Time Horizon: MEDIUM_TERM

📌 Key Takeaways

1. 📉 Revenue decreased to Rs. 108.38M in FY25 from Rs. 136.49M in FY24.
2. ⚠️ Net loss increased to Rs. 68.40M in FY25 compared to Rs. 23.10M in FY24.
3. 🏦 EIBL focuses primarily on lending business including Housing Finance, Corporate Finance & Micro Finance.
4. 🔍 Increased prudent provisioning of Rs. 9.70 million in FY25, up from Rs. 3.97M in FY24.
5. 🏢 Operating costs rose to Rs. 173.983M in FY25 from Rs. 163.199M in FY24.
6. 🤝 Signed an MOU with a substantial acquirer in FY25.
7. 💼 Total assets decreased to Rs. 660.798M from Rs. 726.056M.
8. 📊 Short-term rating: A3 (adequate capacity for timely repayment).
9. 📜 Long-term rating: BBB- (good credit quality).
10. 🏦 Finance portfolio increased from 222 million to 260 million.
11. 🏘️ House Finance portfolio decreased from 46M to 35M.
12. 💰 Micro Finance portfolio increased from 146M to 173M.
13. 🪙 Gold Finance portfolio increased from 30M to 52M.

🎯 Investment Thesis

Given the declining financial performance and regulatory risks, a HOLD recommendation is appropriate. The company’s potential acquisition could provide some upside, but the current financial metrics do not support a BUY rating. Further information and analysis are needed to assess the potential acquirer’s plans. The time horizon is MEDIUM_TERM.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: November 26, 2025

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