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-C19levels by Jan 2022F. We thus expect FY22F core EPS to rebound 368% yoy.■ Retain Add with a slightly lower DCF-based […]

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