[%gynA%]
Research by CGS
Add (no change) – TP RM1.00

“Boycott losses drag on in 3QFY6/24"

■ BFD’s 9MFY6/24 core net loss of RM41.3m was a miss vs. our FY24F core profit estimate of RM40.1m and consensus core loss estimate of RM34.5m.
■ The ongoing boycott of Starbucks continues to drag on revenues. We believe EBITDA margin held steady qoq due to lower promotional activities.
■ Reiterate Add, with unchanged GGM-based TP of RM1.00. We believe BFD’s sales and net profit should rebound once the Middle East hostilities end.

Analysts:
LEW Cheng Wei
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Prem JEARAJASINGAM
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$KLSE-BJFOOD
Research by CGS
Add (no change) – TP RM1.00

“Boycott losses drag on in 3QFY6/24"

■ BFD’s 9MFY6/24 core net loss of RM41.3m was a miss vs. our FY24F core profit estimate of RM40.1m and consensus core loss estimate of RM34.5m.
■ The ongoing boycott of Starbucks continues to drag on revenues. We believe EBITDA margin held steady qoq due to lower promotional activities.
■ Reiterate Add, with unchanged GGM-based TP of RM1.00. We believe BFD’s sales and net profit should rebound once the Middle East hostilities end.

Analysts:
LEW Cheng Wei
chengwei.lew@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com