Malaysia Smelting Corporation - UOB Kay Hian 2023-02-20: 4Q22 Above Expectations

• The improvement in earnings was mainly due to a recovery in tin prices and higher smelting output. Malaysia Smelting Corp is well-positioned for a more meaningful growth in FY23 backed by stronger production, elevated tin prices and better margins from the full utilisation of its new eco-friendly plant at Pulau Indah.
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Malaysia Smelting Corp's 4Q22 results above expectations.

• Malaysia Smelting Corp (MSC, SGX:NPW) reported a 4Q22 core net profit of RM24.8m (vs core net loss of RM24.9m for 3Q22, -61.4% y-o-y) on revenue of RM391.2m (+13.7% q-o-q, +53.4% y-o-y). See Malaysia Smelting Corp's announcement dated 17 Feb 2023. This brought its cumulative 2022 core earnings to RM104.3m (-13% y-o-y), above our expectations, accounting for over 110% of our full-year estimates.
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• higher sales of refined tin on the back of stronger production output with the completion of furnace re-bricking at Pulau Indah. On a y-o-y basis, the decline is largely due to higher average tin price last year.
• Malaysia Smelting Corp declared a first and final single-tier dividend of RM0.07 per share, 8% and yield of 3.3%. This is similar to FY21’s dividend. See Malaysia Smelting Corp's Dividend History.

Mining to lead earnings growth ahead.

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Above is the excerpt from report by UOB Kay Hian Research.
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