MY : ATA IMS Bhd - Near-term issues are transient, not structural

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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