[%Llkk%]
Research by Maybank
Sell – TP RM0.35

“Not out of the woods yet"

Operating challenges continue to plague BFD. A meaningful recovery may take longer than expected with ongoing geopolitical tension and continued erosion of the Starbucks brand over time. Our projected FY24E net loss is increased to MYR61m and FY25E-FY26E earnings estimates lowered by 8%-22%. Maintain SELL with a lower TP of MYR0.35 (based on normalised 11x CY25E PER, mean - unchanged).

Analyst:
Jade Tam
[%mzgi%]

$KLSE-BJFOOD
Research by Maybank
Sell – TP RM0.35

“Not out of the woods yet"

Operating challenges continue to plague BFD. A meaningful recovery may take longer than expected with ongoing geopolitical tension and continued erosion of the Starbucks brand over time. Our projected FY24E net loss is increased to MYR61m and FY25E-FY26E earnings estimates lowered by 8%-22%. Maintain SELL with a lower TP of MYR0.35 (based on normalised 11x CY25E PER, mean - unchanged).

Analyst:
Jade Tam
jade.tam@maybank-ib.com