RM inflation was at 4%, with inflation in flour (9%) and refined palm oil (RPO; 10%) marginally offset by deflation in sugar and milk. EBITDA margin expansion was restricted to 40bp to 21.3%) and staff costs (+50bp YoY to 4.1%). PAT grew 11.9%, 17.3% and 16.4% YoY, respectively. EBITDA margin expanded 70bp YoY to 15.7%. (1) RM inflation was at 4% in 3QFY19; expecting 4-5% inflation for FY20 as well. (2) Expected to take 3-4% price hike.