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NewsRHB Research upgrades Malaysia Smelting Corp to Buy, raises fair value
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RHB Research upgrades Malaysia Smelting Corp to Buy, raises fair value
by Cals Thu 08 May 2014, 19:10
| RHB Research upgrades Malaysia Smelting Corp to Buy, raises fair value |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Thursday, 08 May 2014 08:11 |
KUALA LUMPUR (May 8): RHB Research has upgraded Malaysia Smelting Corporation Holdings Bhd (MSC) to Buy with a higher fair value (FV) of RM4.20 (from RM3.09) and said MSC’s net profit of RM14.7 million in 1QFY14 was slightly ahead of house estimates, thanks to improved smelting volume at its Butterworth smelter and the end of a prolonged loss from its Indonesian unit.
In a note Thursday, the research house said it had turned bullish on the tin market and that tin price is remaining firm at around USD23,000 a tonne.
“We raise MSC’s FV to RM4.20 (from RM3.09), based on 7x FY15 P/E.
“We upgrade to Buy,” it said.
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