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MY : 7-Eleven Malaysia Holdings - Movement restrictions hurt footfall

1QFY21 core net profit of RM12.7m (-1.4% yoy) came in below expectations, mainly due to weaker-than-expected footfall for its CVS operations. The tightening of movement restrictions under the latest movement control order (MCO 3.0) will likely cause footfall in 2QFY21F to remain weak. Long-term prospects remain bright. Reiterate Add with a lower TP of RM1.74.


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