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Research by Malacca Securities
Sell - TP of M1.82

"Ended Below Expectations for FY23"

Malaysia Smelting Corporation Bhd’s (MSC) 4QFY23 core net profit came in at RM11.0m (-7% QoQ, -62% YoY), which bring the sum to RM86.7m for FY23. The core earnings came in below expectations, amounting to 85% and 94% of ours and consensus estimates of RM101.6m and RM92.7m, respectively. Key deviations include (i) lower average tin price and (ii) additional costs provisions for staff bonus and retrenchment compensation.

Analyst:
Loui Low
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$KLSE-MSC 
Research by Malacca Securities
Sell - TP of M1.82

"Ended Below Expectations for FY23"

Malaysia Smelting Corporation Bhd’s (MSC) 4QFY23 core net profit came in at RM11.0m (-7% QoQ, -62% YoY), which bring the sum to RM86.7m for FY23. The core earnings came in below expectations, amounting to 85% and 94% of ours and consensus estimates of RM101.6m and RM92.7m, respectively. Key deviations include (i) lower average tin price and (ii) additional costs provisions for staff bonus and retrenchment compensation.

Analyst:
Loui Low
louilow@msec.com.my

$MSC / 5916 (MALAYSIA SMELTING CORPORATION BERHAD)