SAC Capital has downgraded its recommendation on Advancer Global to “hold” from “buy” as it sees the ongoing crunch in manpower as the company’s “biggest bugbear”.

The company, for the 1HFY2021 ended June, reported an 8.5% y-o-y decline in revenue of $30.0 million, which stood below the brokerage’s estimates at 42.0% of its FY2021 forecast.

The placement of domestic helpers was hurt by the entry restrictions into Singapore. The segment now accounts for just 12% of Advancer Global’s revenue.

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