Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: BUY | Target Price: 6.02 |
Showing posts with label MSM. Show all posts
Showing posts with label MSM. Show all posts
June 10, 2015
May 20, 2015
Benefitting from low free-market sugar prices
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.13 |
February 12, 2015
Strong end to FY14
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.13 |
November 20, 2014
Troubled by the rise of APs
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.13 |
May 22, 2014
MSM - Uninspiring performance on the back of weaker demand
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: BUY | Target Price: 5.69 |
February 20, 2014
MSM - Higher profit margin on lower raw sugar price
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.28 |
August 26, 2013
MSM - Price not reflecting fundamentals
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.28 |
August 22, 2013
MSM - To benefit from lower free-market prices as LTC drops to 40%
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.28 |
May 14, 2013
Declining domestic sales mitigated by growing exports
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
April 17, 2013
Export focus to start yielding soon
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
February 25, 2013
Raw material costs may continue to challenge
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
February 7, 2013
MSM - Upgrades still a work in progress
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
November 27, 2012
Lower sales volume
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
October 3, 2012
Lower subsidy neutralized by higher ceiling price
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.90 |
September 24, 2012
Exploring new frontiers
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.90 |
August 14, 2012
Affin Invt cuts MSM Malaysia to 'reduce'
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Affin Investment Bank downgraded its rating on sugar producer MSM Malaysia Holdings Bhd to "reduce" from "add" as the company's results for the half-year period fell short of expectations.
MSM's core net profit for the first six months of 2012 was RM115.2 million, 17.2 percent below Affin's expectations.
Affin lowered its target price for MSM by 20 sen to RM5.10 per share, the research house said in a report on Tuesday.
Despite the downgrade, Affin expects the company to post stronger earnings in the second half as demand for sugar increases with the upcoming festive season and margins for MSM improve.
As of 10.57am, the stock dropped 0.05 percent against the Malaysian benchmark stock index's 0.92 percent rise. -- Reuters
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: AFFIN | Price Call: SELL | Target Price: 5.10 |
Affin Investment Bank downgraded its rating on sugar producer MSM Malaysia Holdings Bhd to "reduce" from "add" as the company's results for the half-year period fell short of expectations.
MSM's core net profit for the first six months of 2012 was RM115.2 million, 17.2 percent below Affin's expectations.
Affin lowered its target price for MSM by 20 sen to RM5.10 per share, the research house said in a report on Tuesday.
Despite the downgrade, Affin expects the company to post stronger earnings in the second half as demand for sugar increases with the upcoming festive season and margins for MSM improve.
As of 10.57am, the stock dropped 0.05 percent against the Malaysian benchmark stock index's 0.92 percent rise. -- Reuters
March 8, 2012
MSM Malaysia Holdings - Serving a final dividend sweetener soon
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Target RM4.65
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: CIMB | Price Call: HOLD | Target Price: 4.65 |
Target RM4.65
We gathered from yesterday's briefing that MSM is committed to its 50% dividend payout policy and will announce its final dividend soon. We expect an 11 sen final dividend, which works out to a yield of 2.2% (full-year yield of 3.8%) and could support near-term share prices.
MSM Malaysia - Beneficiary of weak US$ HOLD
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: AMMB | Price Call: HOLD | Target Price: 5.40 |
MSM is aHOLD for its decent FY12F dividend yield of 4%. Our fair value of RM5.40/sharefor MSM is based on a PE of 14x on FY12F EPS.
MSM held ananalyst briefing yesterday. We understand that the group would be announcingits final gross DPS for FY11 soon.
AlthoughMSM did not disclose the amount of the final gross DPS for FY11, the group saidthat it would adhere to its official policy of a net payout of 50% of netprofit. We estimate this at 19 sen, which translates into a final gross DPS of11 sen for FY11.
The boardmeeting will be held at the end of March 2012. This will be followed by theannual general meeting in June 2012. The final gross DPS will most likely bepaid in July 2012.
The cost ofraw sugar locked-in under the long-term contract (LTC) was US$0.26/pound. Theprice was higher than the spot prices of US$0.2236/pound to US$0.2375/poundrecorded in December 2011 due to the inclusion of freight cost. The freightcost of US$0.02/pound translates into US$44/tonne roughly.
We alsounderstand that the 'government did not shortchange' MSM with the increase of54 sen/kg in the sugar subsidy. We take this to imply that the subsidy of 54 sen/kgis more or less enough to offset the higher cost of raw sugar locked-in underthe new LTC. The cost of raw sugar locked-in under the old LTC (from FY09-FY11)was US$0.175/pound.
We gatherthat MSM had already concluded negotiations on the terms and conditions of thenew LTC with its suppliers. However, the LTC is not signed yet due to the difficultyin legal documentation. This is because the suppliers are from differentcountries.
MSM is abeneficiary of the weak US$ as raw sugar is purchased in US$. We understandthat MSM's operating margins would improve if the US$ were to continue to depreciate.
Sincereaching a high of US$1.00:RM3.2048 on 3 October 2011, the US$ has depreciated5.5% against the RM to US$1.00:RM3.029 currently.
There havenot been any updates on the new sugar refinery in Sarawak since it was reportedin the media last year. We understand that East Malaysia only accounts for 10%of MSM's domestic sales volume.
Source: AmeSecurities
February 21, 2012
Less sweet moving forward
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 5.19 |
CIMB: MSM Malaysia Holdings - Just a sugar rush in 4Q
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
MSMMalaysia Holdings - Just a sugarrush in 4Q
Target RM4.65
MSM's record performance in FY11 may not be sustainableas future profit margins could be crimped by higher raw material costs.But this is offset by the group's strong cash flows and dividend yieldprospects. FY11 net profit was in line at 101% of our forecast and 102%of consensus. The one sour note was the surprising absence of a final dividend.We fine-tune FY12-13 earnings for lower raw sugar costs, leading to a slightlyhigher target price (still based on 12.6x P/E). Maintain Neutral.
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: CIMB | Price Call: BUY | Target Price: 4.65 |
MSMMalaysia Holdings - Just a sugarrush in 4Q
Target RM4.65
MSM's record performance in FY11 may not be sustainableas future profit margins could be crimped by higher raw material costs.But this is offset by the group's strong cash flows and dividend yieldprospects. FY11 net profit was in line at 101% of our forecast and 102%of consensus. The one sour note was the surprising absence of a final dividend.We fine-tune FY12-13 earnings for lower raw sugar costs, leading to a slightlyhigher target price (still based on 12.6x P/E). Maintain Neutral.
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