We remain positive on ATA’s prospects post its investor update, during which it countered recent allegations of forced labour practices at its operations. We believe the impact of the 60% limit on staff on premises due to the MCO 3.0 is manageable, as ATA is able to add shifts as needed. Our thesis on ATA’s long-term earnings growth prospects remains intact as the current headwinds appear to be transient in nature. Reiterate Add.
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