MSC

[winston]

not vested

Malaysia Smelting Corporation Bhd - Solid and In Line
Date: 2025-11-26
Firm: PUBLIC BANK
Price Target: 1.48
Price Call: HOLD

Malaysia Smelting Corporation Bhd's (MSC) reported a 42.7% YoY increase in 3QFY25 net profit to RM20.4m, driven by higher tin production and elevated average tin prices.

This brings its cumulative 9MFY25 net profit to RM42.1m.

The results were within our estimate but exceeded consensus, achieving 74.3% and 80.0% of our and the consensus' full-year forecasts, respectively.

We keep our FY25-27F earnings forecasts unchanged.

Global tin prices have been rising, reaching approximately USD37,000 per metric ton as of Nov 25, due to a tight supply outlook and robust demand from the electronics and data center industries.

Despite favourable tin prices, MSC's smelting operations are hampered by limited tin ore supplies.

In response to this, the Group is focusing on boosting mining output and overall productivity through operational efficiency.

All told, we maintain our Neutral call with unchanged target price of RM1.48

https://klse.i3investor.com/web/priceta ... arch/76828