MSC Stock Forum

Bursa Malaysia Smelting Corp (MSC) is one of the world’s leading integrated producers of tin metal and tin-based products.
If you consider its net assets, about 2/3 is deployed for its smelting operations with the bulk of the balance for its tin mining operation. But when you look at the PBT over the past 12 years, 4/5 was from the tin mining operation.
Is this then a smelting company with a tin mining arm or a tin mining company with a s...

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UOBKH Research maintains a 'buy' call on MSC, predicting meaningful growth in 2024 due to stronger production, rebounding tin prices, and better margins from its new plant. Higher average tin prices are expected to offset the increased production cost amid inflation.

The company's Q4 2023 performance suffered due to forex losses and lack of refined tin sales. However, it's expanding mining activities and streamlining operations for better productivity and efficiency. The move to Pulau Indah smelter is expected to cut costs by 30% and reduce carbon footprint.

The company's operational efficiencies, improvements, and cost-saving measures are expected to help it navigate the challenging global economy. However, lower profit and revenue figures for FY23 show these challenges are already impacting its financial performance.