Down but certainly not out■ We cut FY21-22F core EPS by 12-29% to bake in 3.5-month FMCO closures.■ Post reopening of its outlets, we see NFO sales rapidly recovering to pre-C19levels by Jan 2022F. We project FY6/23F core EPS to rebound 39% yoy.■ Retain Add with a slightly lower DCF-based target price of RM2.25.

Read more of this post