1) TCM has secured a 50-year permit from the Myanmar Investment Commission (MIC) to manufacture and market motor vehicles in the Bago region, Myanmar. This comes as no surprise as highlighted in our previous report.
2) We are positive on this development, for it allows TCM to progressively grow its regional footprint and reduce dependency on the domestic market. Our earnings forecasts are unchanged as contribution from Myanmar will be small in the near term.
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