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Default REPLACE PART OF CELL WITH FORMATTED TEXT

DEAR ALL,
HOW DO I CHANGE PART OF CELL (TEXT IN NATURE) WITH FORMATTED TEXT?
EXAMPLE

A1=TRR/SM/HK

I WANT IT TO APPEAR LIKE TRR/SM/HK WITH SM IN BOLD AND ITALICS WITH
YELLOW HIGHLIGHTING

I TRIED DOING NORMAL REPLACE WITH FORMAT BUT THE WHOLE CELL CONTENT
CHANGED INTO BOLD AND ITALICS WITH HIGHLIGHT

THANKS

 
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