2022F to be a more auspicious year
■ We cut FY21F core EPS by 61% to factor in 3.5 months of FMCO closures.
■ Post the reopening of its outlets, we see NFO sales recovering to pre-C19
levels by Jan 2022F. We thus expect FY22F core EPS to rebound 368% yoy.
■ Retain Add with a slightly lower DCF-based target price of RM2.30.