Financials Malaysia Smelting Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
2.85 ^MYR	+0.35%		+0.35%	+40.39%

29/04	Malaysia Smelting Corporation Berhad Announces Final Single-Tier Dividend for the Financial Year Ended 31 December 2023, Payable 28 June 2024	CI
16/02	Malaysia Smelting's Profit Drops in Q4 2023	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	572	1,365	642.6	1,197	1,197	-
Enterprise Value (EV) ¹	572	1,365	642.6	852.6	1,197	1,197
P/E ratio	35.8 x	11.5 x	6.54 x	10 x	10.7 x	10.3 x
Yield	-	2.15%	4.58%	1.84%	1.88%	1.96%
Capitalization / Revenue	-	1.27 x	0.43 x	0.59 x	0.7 x	0.73 x
EV / Revenue	-	1.27 x	0.43 x	0.59 x	0.7 x	0.73 x
EV / EBITDA	-	7.51 x	3.7 x	5.37 x	4.72 x	5.19 x
EV / FCF	-	-	-	-5.75 x	10.4 x	31.7 x
FCF Yield	-	-	-	-17.4%	9.64%	3.16%
Price to Book	-	2.33 x	0.89 x	1.55 x	1.49 x	-
Nbr of stocks (in thousands)	4,00,000	4,20,000	4,20,000	4,20,000	4,20,000	-
Reference price ²	1.430	3.250	1.530	2.850	2.850	2.850
Announcement Date	19/02/21	18/02/22	17/02/23	15/02/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	-	1,077	1,504	1,436	1,721	1,643
EBITDA ¹	-	181.7	173.8	158.8	253.7	230.6
EBIT ¹	-	169.7	163.1	145.9	237.4	215.6
Operating Margin	-	15.76%	10.84%	10.16%	13.79%	13.12%
Earnings before Tax (EBT) ¹	-	158.4	143.6	128.6	220	198.2
Net income ¹	16.1	118.1	98.36	85.05	111.8	116.2
Net margin	-	10.97%	6.54%	5.92%	6.5%	7.07%
EPS ²	0.0400	0.2830	0.2340	0.2030	0.2660	0.2766
Free Cash Flow ¹	-	-	-	-208.2	115.4	37.8
FCF margin	-	-	-	-16.1%	6.71%	2.3%
FCF Conversion (EBITDA)	-	-	-	-	45.49%	16.4%
FCF Conversion (Net income)	-	-	-	-	103.22%	32.52%
Dividend per Share ²	-	0.0700	0.0700	0.0525	0.0535	0.0560
Announcement Date	19/02/21	18/02/22	17/02/23	15/02/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-208	115	37.8
ROE (net income / shareholders' equity)	-	24.2%	15.1%	12.5%	15.7%	13.7%
ROA (Net income/ Total Assets)	-	10.2%	7.52%	7.03%	8.1%	7.5%
Assets ¹	-	1,154	1,308	1,365	1,380	1,550
Book Value Per Share ²	-	1.390	1.710	1.840	1.910	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	-	17.8	15	15	15
Capex / Sales	-	-	1.19%	1.16%	0.87%	0.91%
Announcement Date	19/02/21	18/02/22	17/02/23	15/02/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2.85 MYR

Average target price

2.407 MYR

Spread / Average Target

-15.56%

	1st Jan change	Capi.
MALAYSIA SMELTING CORPORATION	+40.39%	253M
SOUTHERN COPPER CORPORATION	+34.09%	89.23B
FREEPORT-MCMORAN INC.	+18.51%	72.46B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	27.94B
JIANGXI COPPER COMPANY LIMITED	+44.38%	10.29B
SUMITOMO METAL MINING CO., LTD.	+24.00%	9.46B
BOLIDEN AB	+17.04%	8.99B
KOREA ZINC INC.	-7.03%	7.08B
WESTERN MINING CO.,LTD.	+40.85%	6.62B
JINDUICHENG MOLYBDENUM CO., LTD.	+20.21%	5.06B