FRT - Muted PBT targets despite upbeat pharmacy profitability - AGM Note
  • 2021-04-29T23:16:25
  • Company Research
We attended FRT’s AGM on April 29, 2021, during which management discussed the outlook of FRT’s two main businesses — mobile phone retailing and pharmacy. Management’s revenue targets for 2022-2023 (see table on the next page) are higher than our forecasts while its 2021 target trails ours due to management’s expectation of a slower rebound for its mobile chain.