RHB research has advised investors to “Sell” their Berjaya Food Bhd shares.
This is after ground checks found that the ongoing boycott of Starbucks Coffee due to the Israel-Hamas conflict, was worse than expected.
Foot traffic at Starbucks outlets were at least 30 per cent lower during peak hours.
Starbucks makes up about 91 per cent of revenue for Berjaya Food.
Analysts say the situation may impact the company’s earnings and plan to expand the number of Starbucks outlets.
It had plans to add another 40-50 outlets in the current financial year.
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