MY : MSM Malaysia Holdings - Weak domestic demand is our key concern

MSM’s 1Q21 core net profit fell 56% qoq, broadly in line with expectations. Our key concern is the sharp drop in domestic demand due to MCO and rising ASPs, while export volumes appear volatile. The key positives: MSM has raised the price premium for its refined sugar, and disposal of MSM Perlis. Upgrade to Hold with higher TP of RM1.41.

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