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MY : MSM Malaysia Holdings - Johor refinery suspension explained

Ivy Ng Lee

Head of Malaysia Research, Regional Head of Agribusiness @ CGS-CIMB

Nagulan RAVI

@ CGS-CIMB

12 April 2021

Published by

CGS-CIMB

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MSM said it brought forward plans to suspend its Johor refinery operations. It did not specify details of the boiler issues but said that their rectification will improve the plant’s utlisation rate. Maintain Reduce. We remain concerned over earnings risks due to this issue.

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