MALAYSIA SMELTING CORPORATION
KLSE (MYR): MSC (5916)
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Last Price
2.39
Today's Change
+0.11 (4.82%)
Day's Change
2.33 - 2.42
Trading Volume
451,600
Financial
Market Cap
1,004 Million
NOSH
420 Million
Latest Quarter
30-Jun-2024 [#2]
Announcement Date
02-Aug-2024
Next Quarter
30-Sep-2024
Est. Ann. Date
17-Nov-2024
Est. Ann. Due Date
29-Nov-2024
QoQ | YoY
-8.31% | -41.23%
Revenue | NP to SH
1,541,924.000 | 56,146.000
RPS | P/RPS
367.12 Cent | 0.65
EPS | P/E | EY
13.37 Cent | 17.88 | 5.59%
DPS | DY | Payout %
7.07 Cent | 2.96% | 52.89%
NAPS | P/NAPS
1.82 | 1.31
QoQ | YoY
-17.28% | -3.9%
NP Margin | ROE
4.39% | 7.35%
F.Y. | Ann. Date
30-Jun-2024 | 02-Aug-2024
Latest Audited Result
31-Dec-2023
Announcement Date
30-Apr-2024
Next Audited Result
31-Dec-2024
Est. Ann. Date
30-Apr-2025
Est. Ann. Due Date
29-Jun-2025
Revenue | NP to SH
1,435,725.000 | 85,051.000
RPS | P/RPS
341.84 Cent | 0.70
EPS | P/E | EY
20.30 Cent | 11.80 | 8.47%
DPS | DY | Payout %
14.00 Cent | 5.86% | 69.13%
NAPS | P/NAPS
1.80 | 1.33
YoY
-13.53%
NP Margin | ROE
6.77% | 11.25%
F.Y. | Ann. Date
31-Dec-2023 | 15-Feb-2024
Revenue | NP to SH
1,546,540.000 | 69,908.000
RPS | P/RPS
368.22 Cent | 0.65
EPS | P/E | EY
16.60 Cent | 14.36 | 6.96%
DPS | DY | Payout %
-
NAPS | P/NAPS
-
QoQ | YoY
-4.16% | -45.26%
NP Margin | ROE
5.18% | 9.15%
F.Y. | Ann. Date
30-Jun-2024 | 02-Aug-2024
Show?
| Last 10 FY Result | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,546,540 | 1,541,924 | 1,435,725 | 1,503,591 | 1,076,560 | 813,359 | 983,567 | 1,280,906 | 1,436,177 | 1,477,941 | 1,464,855 | 1,915,179 | -3.14% | |
| PBT | 109,002 | 89,282 | 128,633 | 143,616 | 158,362 | 25,783 | 47,392 | 49,779 | 27,694 | 52,961 | 3,238 | 44,992 | 12.37% | |
| Tax | -28,848 | -21,535 | -31,417 | -42,121 | -39,876 | -10,068 | -13,916 | -15,485 | -11,767 | -15,511 | -8,038 | -54,962 | -6.02% | |
| NP | 80,154 | 67,747 | 97,216 | 101,495 | 118,486 | 15,715 | 33,476 | 34,294 | 15,927 | 37,450 | -4,800 | -9,970 | - | |
| - | ||||||||||||||
| NP to SH | 69,908 | 56,146 | 85,051 | 98,358 | 118,058 | 16,101 | 33,477 | 34,297 | 15,928 | 37,452 | -4,795 | -9,865 | - | |
| - | ||||||||||||||
| Tax Rate | 26.47% | 24.12% | 24.42% | 29.33% | 25.18% | 39.05% | 29.36% | 31.11% | 42.49% | 29.29% | 248.24% | 122.16% | - | |
| Total Cost | 1,466,386 | 1,474,177 | 1,338,509 | 1,402,096 | 958,074 | 797,644 | 950,091 | 1,246,612 | 1,420,250 | 1,440,491 | 1,469,655 | 1,925,149 | -3.95% | |
| - | ||||||||||||||
| Net Worth | 764,400 | 764,400 | 755,999 | 718,200 | 579,599 | 396,000 | 372,000 | 348,000 | 291,000 | 281,639 | 241,000 | 233,999 | 13.90% | |
| Equity | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Worth | 764,400 | 764,400 | 755,999 | 718,200 | 579,599 | 396,000 | 372,000 | 348,000 | 291,000 | 281,639 | 241,000 | 233,999 | 13.90% | |
| NOSH | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 400,000 | 400,000 | 400,000 | 100,000 | 100,000 | 100,000 | 100,000 | 17.27% | |
| Ratio Analysis | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NP Margin | 5.18% | 4.39% | 6.77% | 6.75% | 11.01% | 1.93% | 3.40% | 2.68% | 1.11% | 2.53% | -0.33% | -0.52% | - | |
| ROE | 9.15% | 7.35% | 11.25% | 13.70% | 20.37% | 4.07% | 9.00% | 9.86% | 5.47% | 13.30% | -1.99% | -4.22% | - | |
| Per Share | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RPS | 368.22 | 367.12 | 341.84 | 358.00 | 256.32 | 203.34 | 245.89 | 320.23 | 1,436.18 | 1,479.84 | 1,464.86 | 1,915.18 | -17.41% | |
| EPS | 16.60 | 13.37 | 20.30 | 23.40 | 28.30 | 4.00 | 8.40 | 8.60 | 15.90 | 37.50 | -4.80 | -9.90 | - | |
| DPS | 0.00 | 7.07 | 14.00 | 7.00 | 7.00 | 1.00 | 2.00 | 2.00 | 4.00 | 8.00 | 0.00 | 0.00 | - | |
| NAPS | 1.82 | 1.82 | 1.80 | 1.71 | 1.38 | 0.99 | 0.93 | 0.87 | 2.91 | 2.82 | 2.41 | 2.34 | -2.87% | |
| Adjusted Per Share Value based on latest NOSH - 420,000 | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RPS | 368.22 | 367.12 | 341.84 | 358.00 | 256.32 | 193.66 | 234.18 | 304.98 | 341.95 | 351.89 | 348.78 | 456.00 | -3.14% | |
| EPS | 16.60 | 13.37 | 20.30 | 23.40 | 28.30 | 3.83 | 7.97 | 8.17 | 3.79 | 8.92 | -1.14 | -2.35 | - | |
| DPS | 0.00 | 7.07 | 14.00 | 7.00 | 7.00 | 0.95 | 1.90 | 1.90 | 0.95 | 1.90 | 0.00 | 0.00 | - | |
| NAPS | 1.82 | 1.82 | 1.80 | 1.71 | 1.38 | 0.9429 | 0.8857 | 0.8286 | 0.6929 | 0.6706 | 0.5738 | 0.5571 | 13.90% | |
| Price Multiplier on Financial Quarter End Date | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | 28/06/24 | 28/06/24 | 29/12/23 | 30/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 29/12/17 | 30/12/16 | 31/12/15 | 31/12/14 | - | |
| Price | 2.56 | 2.56 | 2.03 | 1.53 | 3.25 | 1.43 | 0.845 | 0.70 | 3.34 | 3.93 | 2.48 | 2.55 | - | |
| P/RPS | 0.70 | 0.70 | 0.59 | 0.43 | 1.27 | 0.70 | 0.34 | 0.22 | 0.23 | 0.27 | 0.17 | 0.13 | 18.28% | |
| P/EPS | 15.38 | 19.15 | 10.02 | 6.53 | 11.56 | 35.53 | 10.10 | 8.16 | 20.97 | 11.43 | -51.72 | -25.85 | - | |
| EY | 6.50 | 5.22 | 9.98 | 15.31 | 8.65 | 2.81 | 9.90 | 12.25 | 4.77 | 8.75 | -1.93 | -3.87 | - | |
| DY | 0.00 | 2.76 | 6.90 | 4.58 | 2.15 | 0.70 | 2.37 | 2.86 | 1.20 | 2.04 | 0.00 | 0.00 | - | |
| P/NAPS | 1.41 | 1.41 | 1.13 | 0.89 | 2.36 | 1.44 | 0.91 | 0.80 | 1.15 | 1.41 | 1.03 | 1.09 | 0.40% | |
| Price Multiplier on Announcement Date | ||||||||||||||
| AQR | T4Q | 31/12/23 | 31/12/22 | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 | CAGR | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | 02/08/24 | 02/08/24 | 15/02/24 | 17/02/23 | 18/02/22 | 19/02/21 | 20/02/20 | 22/02/19 | 05/03/18 | 27/02/17 | 19/02/16 | 24/02/15 | - | |
| Price | 2.45 | 2.45 | 2.07 | 2.10 | 4.08 | 2.80 | 0.85 | 0.85 | 3.10 | 4.09 | 2.31 | 2.83 | - | |
| P/RPS | 0.67 | 0.67 | 0.61 | 0.59 | 1.59 | 1.38 | 0.35 | 0.27 | 0.22 | 0.28 | 0.16 | 0.15 | 16.85% | |
| P/EPS | 14.72 | 18.33 | 10.22 | 8.97 | 14.51 | 69.56 | 10.16 | 9.91 | 19.46 | 11.90 | -48.18 | -28.69 | - | |
| EY | 6.79 | 5.46 | 9.78 | 11.15 | 6.89 | 1.44 | 9.85 | 10.09 | 5.14 | 8.41 | -2.08 | -3.49 | - | |
| DY | 0.00 | 2.89 | 6.76 | 3.33 | 1.72 | 0.36 | 2.35 | 2.35 | 1.29 | 1.96 | 0.00 | 0.00 | - | |
| P/NAPS | 1.35 | 1.35 | 1.15 | 1.23 | 2.96 | 2.83 | 0.91 | 0.98 | 1.07 | 1.47 | 0.96 | 1.21 | -0.56% | |
PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.
NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.
Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.
All figures in '000 unless specified.
Discussions
8 people like this. Showing 50 of 4,946 comments
Con Call held this morning was generally positive with a stronger 2nd half ahead. Smelting ops back to normal after the rebricking exercise mid May to mid July , which shut down the furnace. Supply shortage of 3rd party ore for smelting also saw some easing. Smelting profits should rebound strongly in 2Half 2024. Tin prices sholud remain strong as demand outstrips supply globally.
2 months ago
What about the few thousand tons of intermediates stock? Can’t smelting process them?
2 months ago
Smelting of intermediates going on. There was a deduction of 12 mil in 2Q results under Eliminations/Adjustments which will be added back in 3Q.
2 months ago
seems like tin price is slowly climbing back to 35k, MSC should have better q ahead since done rebricking earlier
2 months ago
Profit for 3Q2023 was only 12 mil. This is a low hanging fruit for MSC to gobble up !! 4Q2023 profit was even lower at 9 mil , so the next 6 months should see some sustained buying interest as these numbers will be easily overcome with better results hopefully at several multiples times the 3Q and 4Q 2023 numbers.
2 months ago
It was from mid May to I think mid July. They acquired 2 rotary furnaces to take over the smelting of intermediates when the main furnace was undergoing rebricking. The problem is that one of the 2 also broke down , hence the lower amount of smelted products. They have now acquired a 3rd Rotary furnace as a back up to the backup. Hopefully, in future the Rotary furnaces can seamlessly continue the smelting work when the main furnace is under maintenance. I think they are also trying to reduce the time taken to rebrick by sourcing for new materials. This should address the once a year rebricking issue.
2 months ago
Thanks greenminer. Look like the state of the art furnace not efficient. Down time 3 months, quite difficult to make good profit for smelting division.
2 months ago
CEO Datuk Yong's recent purchases clearly signal strong prospects ahead for MSC , starting with a resurging 3Q2024.
2 months ago
MSC ($2.40) - Announces an interim dividend of 7 sen. Ex on 9.10.24.
The interim dividend of 7.0 sen per share translates to a dividend payout of
RM29.4 million. This is 84% of the company's 1st Half24 earnings !! This is really telling us something. Very very few companies would pay out almost all their earnings as dividends UNLESS they are confident that going forward the earnings are going to be strong. In a silent way, they have telegraphed that they are confident that 2H24 earnings are finally going to be significantly better that 1H24 which was only $35 mil.
1 month ago
Today gone Ex for 7 sen dividend but stock has dropped much more than that🙄. Now doing 2.45 down 20 sen !! Low was 2.35 down 30 sen !!🙁
3 weeks ago
GreenminerMSC
The stock has been dropping after the ex dividend date.
Do you still believe it’s a good stock?
1 week ago
Somebody has been selling it down everyday . The dividend was 7 sen but it has fallen 40 sen from ex date on 9th Oct, with 30 sen of the drop coming on the 9th itself. Not sure what the reasons are but the share price could be tracking Tin which has recently dropped from 34k to 31k . The 3Q 24 results are round the corner , probably around the 9th of Nov. 3Q 24 should be better than 3Q 23 ($9 mil) and 2Q 24 ($17 mil ).
1 week ago
Last year , MSC reported on Friday 17th Nov 23. This year probably on Friday 15th Nov 24
1 week ago
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0PTech
i dump my idea on 1.68 and will get in somewhat around 1.29.
2 months ago