MALAYSIA SMELTING CORPORATION
KLSE (MYR): MSC (5916)
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Last Price
2.34
Today's Change
-0.03 (1.27%)
Day's Change
2.30 - 2.35
Trading Volume
53,700
Financial
Market Cap
Market Cap
983 Million
NOSH
420 Million
Latest Quarter
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%
T4Q Result
Revenue | NP to SH
1,541,924.000 | 56,146.000
RPS | P/RPS
367.12 Cent | 0.64
EPS | P/E | EY
13.37 Cent | 17.50 | 5.71%
DPS | DY | Payout %
7.07 Cent | 3.02% | 52.89%
NAPS | P/NAPS
1.82 | 1.29
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
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
Annual (Unaudited)
Revenue | NP to SH
1,435,725.000 | 85,051.000
RPS | P/RPS
341.84 Cent | 0.68
EPS | P/E | EY
20.30 Cent | 11.56 | 8.65%
DPS | DY | Payout %
14.00 Cent | 5.98% | 69.13%
NAPS | P/NAPS
1.80 | 1.30
YoY
-13.53%
NP Margin | ROE
6.77% | 11.25%
F.Y. | Ann. Date
31-Dec-2023 | 15-Feb-2024
Annualized Result
Revenue | NP to SH
1,546,540.000 | 69,908.000
RPS | P/RPS
368.22 Cent | 0.64
EPS | P/E | EY
16.60 Cent | 14.06 | 7.11%
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
Business Process
| Trailing 4 Quarters | Trailing 8 Quarters | |||
|---|---|---|---|---|
| Available Quarters | 4 Quarters | 8 Quarters | ||
| Continuous Quarters Of Revenue Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Total Positive Profit Years | 4 / 4 | 100.00% | 7 / 8 | 87.50% |
| Continuous Quarters Of Positive Profit | 4 / 4 | 100.00% | 7 / 8 | 87.50% |
| Continuous Quarters Of Profit Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Continuous Quarters Of Adjusted EPS Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Total Dividend Years | 2 / 4 | 50.00% | 3 / 8 | 38.00% |
| Continuous Quarters Of Dividend | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Continuous Quarters Of Dividend Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Continuous Quarters Of Adjusted Dps Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Average ROE | 1.85% | 1.85% | ||
| Average Net Profit Margin | 4.42% | 4.61% | ||
| Last 5 Financial Years | Last 10 Financial Years | |||
|---|---|---|---|---|
| Available Years | 5 Years | 10 Years | ||
| Continuous Quarters Of Revenue Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Total Positive Profit Years | 5 / 5 | 100.00% | 8 / 10 | 80.00% |
| Continuous Quarters Of Positive Profit | 5 / 5 | 100.00% | 8 / 10 | 80.00% |
| Continuous Quarters Of Profit Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Continuous Quarters Of Adjusted EPS Growth | 0 / 5 | 0.00% | 0 / 10 | 0.00% |
| Total Dividend Years | 5 / 5 | 100.00% | 8 / 10 | 80.00% |
| Continuous Quarters Of Dividend | 5 / 5 | 100.00% | 8 / 10 | 80.00% |
| Continuous Quarters Of Dividend Growth | 1 / 5 | 20.00% | 1 / 10 | 10.00% |
| Continuous Quarters Of Adjusted Dps Growth | 1 / 5 | 20.00% | 1 / 10 | 10.00% |
| Average ROE | 11.68% | 8.08% | ||
| Average Net Profit Margin | 5.97% | 3.53% | ||
Key Result
| T4Q | Annualized | Annual (Unaudited) | Last 10 FY Average | Last 5 FY Average | |
|---|---|---|---|---|---|
| Revenue | 1,541,924 | 1,546,540 | 1,435,725 | 1,338,786 | 1,162,560 |
| NP to SH | 56,146 | 69,908 | 85,051 | 42,406 | 70,209 |
| Dividend | 29,694 | 0 | 58,800 | 14,958 | 25,920 |
| Adjusted EPS | 13.37 | 16.60 | 20.30 | 10.12 | 16.76 |
| Adjusted DPS | 7.07 | 0.00 | 14.00 | 3.56 | 6.17 |
NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share
All figures in '000 unless specified.
EPS & DPS's figures in Cent.
Growth
| LQ QoQ | LQ YoY | CQ YoY | LQ vs Average of T4Q | LQ vs Average of T8Q | |
|---|---|---|---|---|---|
| Revenue | 13.33% | 25.62% | 15.92% | 6.56% | 11.62% |
| NP to Owner | -8.31% | -41.23% | -45.26% | 19.11% | 16.74% |
| Dividend | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Adjusted EPS | -6.98% | -41.18% | -45.39% | 20.30% | 17.65% |
| Adjusted DPS | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year
| T4Q vs LFY | T4Q vs AL5FY | T4Q vs AL10FY | AQR vs LFY | AQR vs AL5FY | AQR vs AL10FY | LFY YoY | LFY vs AL5FY | LFY vs AL10FY | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.40% | 32.63% | 15.17% | 7.72% | 33.03% | 15.52% | -4.51% | 23.50% | 7.24% |
| NP to Owner | -33.99% | -20.03% | 32.40% | -17.80% | -0.43% | 64.85% | -13.53% | 21.14% | 100.56% |
| Dividend | -49.50% | 14.56% | 98.50% | 0.00% | 0.00% | 0.00% | 100.00% | 126.85% | 293.08% |
| Adjusted EPS | -34.14% | -20.23% | 32.13% | -18.23% | -0.96% | 64.05% | -13.25% | 21.12% | 100.61% |
| Adjusted DPS | -49.50% | 14.56% | 98.50% | 0.00% | 0.00% | 0.00% | 100.00% | 126.85% | 293.08% |
T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year
Discussions
8 people like this. Showing 50 of 4,921 comments
Looks like MSC stock price is following Tin's price very closely 😏. Malacca Securities report mentioned that we are in a commodity upcycle , that should be positive for MSC. Also the US$ is in a gradual spiral downwards with Powell signalling US rate cuts looming in the horizon , and since commodity prices move inversely to the US$ movements, tin is poised for better days ahead. Stay tuned for more exciting updates as we keep an eagle eye for fund flows out of the US mkts to the deeply undervalued Emerging Mkt space.
2 months ago
Tin is a damn volatile commodity. If not good at trading this commodity then better stay out
1 month ago
ASP used for coming Qr should be around USD 32k, compare to previous Qr USD 26k.
additional USD 6k, Qr result on Aug, should be quite solid
1 month ago
Affin Hwang came out with a note saying earnings will come in between 20-25 mil for 2Q24. They maintain their Sell recommendation with an unchanged target price of $2.30. They think the mining side will do well but the smelter side will not as their tolling operations will be impacted by the export ban/constraints of tin from Myanmar and Indonesia.
1 month ago
MSC today closes lobang formed at $2.20 (08/03/2024) and $2.22 (11/03/2024) just when it started to blast off ahead of 1st Q 2024 earnings !!
1 month ago
this might be a good chance to pick up. When everyone is bearish , is it time to be bullish.
1 month ago
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.
1 month ago
What about the few thousand tons of intermediates stock? Can’t smelting process them?
1 month 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.
1 month ago
seems like tin price is slowly climbing back to 35k, MSC should have better q ahead since done rebricking earlier
1 month 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.
3 weeks 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.
3 weeks 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.
3 weeks ago
CEO Datuk Yong's recent purchases clearly signal strong prospects ahead for MSC , starting with a resurging 3Q2024.
2 weeks ago
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GreenMinerMSC
If it clears 3.47 recent high , will head to close the gap at 3.89
2 months ago