$MSM / 5202 (MSM MALAYSIA HOLDINGS BERHAD)
Research by MIDF
Buy – TP RM3.60

“A Cautiously Positive Outlook"

• Robust sales at RM906.6m (+54.1%yoy)
• Earnings was eroded by elevated cost of production
• Earnings forecast: revised lower by -13%/-25%/-31%
• We maintain our BUY call with a revised TP of RM3.60

Analyst:
MIDF Research Team
research@midf.com.my