OWG reported a core net loss of RM14.1m in 3QFY21, wider than expected, mainly due to the more severe impact of the MCO 2.0 instated in Jan 2021. The path to recovery remains rocky as the recently tightened MCO 3.0 and interstate travel ban are likely to keep OWG in the red in 4QFY21F. Recovery catalysts are likely to take longer to materialise while Covid-19 cases remain high but appear to be priced in at 0.7x P/BV. Reiterate Hold.
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