MSC's Melting Profits
MSC's Melting Profits
The company is transitioning its tin smelting operations from Butterworth to Pulau Indah by 2025, aiming for cost reductions and improved efficiency, though this shift has not mitigated recent performance declines.Malaysia Smelting Corporation Bhd's (MSC) 2QFY24 results fell short of expectations, according to Malacca Securities.
马六甲证券称，马来西亚冶炼公公司（MSC）第二季度财报结果未达预期。
The company reported a core Profit After Tax and Minority Interests (PATMI) of RM16.7 million for the quarter, reflecting a 9% decline quarter-on-quarter and a 41% drop year-on-year, resulting in a 1H24 core PATMI of RM35.0 million, which only met 37% of forecasted estimates. This underperformance was attributed to reduced tin smelting output due to scheduled maintenance of the TSL furnace.
公司本季度核心税后利润和少数权益利润（PATMI）为1670万令吉，环比下降9％，同比下降41％，导致上半年核心PATMI为3500万令吉，仅达预测的37％。这种表现不佳归因于TSL炉定期维护导致锡冶炼产量减少。
Malacca Securities has decided to cease coverage on MSC due to a reallocation of resources. The firm's final recommendation was a HOLD with a target price of RM3.41, based on a Price to Earnings (P/E) ratio of 15.0x for its FY24 forecasted Earnings Per Share (EPS) of 22.7 sen.
马六甲证券决定停止对MSC的覆盖，原因是资源再配置。该公司最终建议持有，目标价为3.41令吉，基于其FY24预测每股收益（EPS）的15.0倍市盈率为22.7仙。
The company is transitioning its tin smelting operations from Butterworth to Pulau Indah by 2025, aiming for cost reductions and improved efficiency, though this shift has not mitigated recent performance declines.
该公司计划到2025年将其锡冶炼业务从巴特沃斯（Butterworth）转移到普劳因达（Pulau Indah），旨在降低成本，提高效率，尽管这一转移并没有减轻最近的表现下滑。
