$MSM / 5202 (MSM MALAYSIA HOLDINGS BERHAD)
Research by MIDF
Neutral - TP RM1.39

"Unexpected Results Due to NRV Provision"

• Sales continued it momentum reaching RM833.1m (+11.6%yoy)
• Earnings was eroded by higher production cost (+14%yoy)
• Earnings forecast revised lower by -79%/-61%/-51%
• We downgrade our call to NEUTRAL with a revised TP of RM1.39

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