In our view, MRDIY is not subjected to heavy ESG risks due to the nature of its retail businesses. Comparable environmental measures are being implemented at both its stores and distribution centres while the group is also keeping an eye on suppliers’ labour practises to avoid potential ESG and reputational risks. We make no changes to our BUY call, MYR4.00 TP (based on 40x FY22 PER), and earnings estimates.