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MY : Berjaya Food Berhad - Strong 3QFY21 illustrates resilient demand

9MFY6/21 core net profit of RM35.8m (+189% yoy) beat expectations, mainly due to stronger-than-expected sales in 3QFY21 despite movement curbs. Its Starbucks operations revenue should remain resilient, despite the onset of further movement restrictions in light of a resurgence in Covid-19 cases. Reiterate Add with a higher TP of RM2.80 (19x CY22F P/E).


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