[%hKCD%]
Research by Malacca
Cease Coverage 

“1H24 Below Expectations"

Below expectations. Malaysia Smelting Corporation Bhd (MSC) registered 2QFY24 core PATMI of RM16.7m (-9% QoQ, -41% YoY), bringing the 1H24 core PATMI to RM35.0m. The 1H24 core PATMI only accounted for 37% of our and consensus estimates of RM95.4m and RM93.5m, respectively, and it is below expectations. Key deviations were mainly due to softer tin smelting performance amid the annual re-bricking and scheduled maintenance of the TSL furnace (mid-May to mid-July).

Analyst:
Loui Low
[%QkAz%]

$KLSE-MSC
Research by Malacca
Cease Coverage 

“1H24 Below Expectations"

Below expectations. Malaysia Smelting Corporation Bhd (MSC) registered 2QFY24 core PATMI of RM16.7m (-9% QoQ, -41% YoY), bringing the 1H24 core PATMI to RM35.0m. The 1H24 core PATMI only accounted for 37% of our and consensus estimates of RM95.4m and RM93.5m, respectively, and it is below expectations. Key deviations were mainly due to softer tin smelting performance amid the annual re-bricking and scheduled maintenance of the TSL furnace (mid-May to mid-July).

Analyst:
Loui Low
louilow@msec.com.my

$MSC / 5916 (MALAYSIA SMELTING CORPORATION BERHAD)