Equity Analysis /
Malaysia

MY : MSM Malaysia Holdings - A blip owing to the MCO

    Ivy Ng Lee
    Ivy Ng Lee

    Head of Malaysia Research, Regional Head of Agribusiness

    CGS-CIMB
    26 November 2021
    Published by

    MSM’s 3Q21 core net profit was below expectations due to weaker-than-expected industrial and export volumes as a result of production disruptions. We are not too concerned as we expect MSM to post stronger 4Q21F and FY22F profits owing to domestic demand recovery and encouraging exports. We continue to like MSM for its undemanding valuations. Reiterate Add.