MY : ATA IMS Bhd - Stay the course, despite headwinds

FY21 core net profit of RM145.6m (+85.7% yoy) came in slightly above expectations, mainly due to better-than-expected revenue in 4QFY21. The 60% limit on staff on premises due to the MCO 3.0 appears to be manageable, assuming the limitations do not extend beyond one month. As its order growth outlook remains intact, we maintain our Add call on the stock with an unchanged TP of RM3.25 (18x CY22F P/E).

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