Earnings beat for the fourth straight quarter
■ FY6/21 core net profit of RM53.5m beat expectations, mainly due to strongerthan-
expected sales and operating margins in 4QFY21.
■ Its Starbucks store base continued to expand by a net of 11 stores in FY6/21.
We forecast a reacceleration of store openings upon the lifting of restrictions.
■ BFD remains an attractive recovery play as we exit the toughest form of
movement restrictions in Malaysia. Reiterate Add.