actually it's a good price to enter right now, still waiting for it to drop hehe ... I haven't finished collecting yet, tend to average down ... recently there is a strong support on 0.69 to 0.695, it has been fluctuating between 0.710 to 0.695 these couple days.

Solid despite cautious consumer sentiment. Notwithstanding the soft retail environment, management sees positive growth momentum for its optical business (81% of FY23 sales) so far in FY24F. This is likely fuelled by the robust demand for eyewear products on rising myopic population. In addition, the strategy to target higher-income consumer groups is also key to the resiliency, with the said groups making up c.80% of its customers. Meanwhile, we gather that the tourist-driven outlet cluster eg KLCC and Pavilion, are seeing overwhelming footfalls whilst the opening of a Focus Point Signature outlet in The Exchange TRX in Nov 2023 is also timely to capitalise on the recovery in tourist arrivals. Management also shared that Johor (second-largest state by outlets) continues to see strong sales traction.

F&B business on the right track. To recap, FPHB staged an earnings turnaround in its F&B segment (16% of FY23 sales) in 4Q23 after successfully resolving the issue of over-manpower in its central kitchens. Hence, we expect the profitability to sustain going forward considering the stable volumes of its existing corporate customers and in-house Komugi outlets. It targets to add at least two Komugi stores in FY24F to the current total of 12 stores. The additions, together with the ramp-up in volumes by newer corporate customers, including ZUS Coffee and Cotti Coffee (refer Page 4 for more information) should drive topline growth in the F&B business (our FY24 forecast: 13%). It also launched the Hap&Pi frozen yogurt brand (refer Page 3 for our ground check), with the first kiosk outlet opening in March.