PETALING JAYA: Business in the number forecast operator (NFO) industry has yet to recover to its pre-Covid-19 levels, causing analysts to slash earnings estimates and downgrade the sector.
Maybank IB Research, in its sector report to clients yesterday, said five months after NFO outlets reopened following the relaxation of the country’s movement control order, gross NFO industry sales/ draws have yet to recover beyond 80%-85% of pre-closure levels.
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