BFD’s ESG risks are relatively benign, in our view. Without full decision-making capabilities in BStarbucks’ product packaging procurement, it will remain reliant on SCI’s sustainability initiatives in the long-run. Nevertheless, BFD has identified and implemented ESG measures across all its other brands to lower both its environmental and carbon footprint. Maintain BUY with an unchanged TP of MYR2.60 (based on 18x FY22 PER).