Financials Malaysia Smelting Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-07-01 pm EDT			5-day change	1st Jan Change
2.58 ^MYR	-0.39%		+3.20%	+27.09%

May. 29	Malaysia Smelting Corporation Berhad Approves Final Single-Tier Dividend for the Financial Year Ended 31 December 2023	CI
May. 27	Malaysia Smelting’s Profit Nearly Halves in Q1	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	572	1,365	642.6	852.6	1,084	-	-
Enterprise Value (EV) ¹	572	1,365	642.6	852.6	1,084	1,084	1,084
P/E ratio	35.8 x	11.5 x	6.54 x	10 x	11.5 x	9.31 x	7.88 x
Yield	-	2.15%	4.58%	6.9%	2.91%	3.2%	3.91%
Capitalization / Revenue	-	1.27 x	0.43 x	0.59 x	0.76 x	0.67 x	0.62 x
EV / Revenue	-	1.27 x	0.43 x	0.59 x	0.76 x	0.67 x	0.62 x
EV / EBITDA	-	7.51 x	3.7 x	5.37 x	6.08 x	5.05 x	4.2 x
EV / FCF	-	-	-	5.59 x	12.9 x	13.6 x	14.4 x
FCF Yield	-	-	-	17.9%	7.78%	7.34%	6.97%
Price to Book	-	2.33 x	0.89 x	1.13 x	1.34 x	1.22 x	-
Nbr of stocks (in thousands)	400,000	420,000	420,000	420,000	420,000	-	-
Reference price ²	1.430	3.250	1.530	2.030	2.580	2.580	2.580
Announcement Date	2/19/21	2/18/22	2/17/23	2/15/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	1,077	1,504	1,436	1,422	1,607	1,752
EBITDA ¹	-	181.7	173.8	158.8	178.4	214.5	258
EBIT ¹	-	169.7	163.1	145.9	163.3	199.5	242.2
Operating Margin	-	15.76%	10.84%	10.16%	11.49%	12.41%	13.82%
Earnings before Tax (EBT) ¹	-	158.4	143.6	128.6	146.5	182.8	227
Net income ¹	16.1	118.1	98.36	85.05	94.37	116.3	137.6
Net margin	-	10.97%	6.54%	5.92%	6.64%	7.23%	7.85%
EPS ²	0.0400	0.2830	0.2340	0.2030	0.2247	0.2770	0.3275
Free Cash Flow ¹	-	-	-	152.5	84.3	79.5	75.5
FCF margin	-	-	-	10.62%	5.93%	4.95%	4.31%
FCF Conversion (EBITDA)	-	-	-	96.05%	47.26%	37.06%	29.26%
FCF Conversion (Net income)	-	-	-	179.34%	89.33%	68.38%	54.87%
Dividend per Share ²	-	0.0700	0.0700	0.1400	0.0750	0.0825	0.1010
Announcement Date	2/19/21	2/18/22	2/17/23	2/15/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	153	84.3	79.5	75.5
ROE (net income / shareholders' equity)	-	24.2%	15.1%	11.5%	11.8%	13.5%	14.6%
ROA (Net income/ Total Assets)	-	10.2%	7.52%	6.31%	6.53%	7.73%	8.1%
Assets ¹	-	1,154	1,308	1,349	1,444	1,503	1,699
Book Value Per Share ²	-	1.390	1.710	1.800	1.930	2.120	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	17.8	15.3	8.65	8.65	15.3
Capex / Sales	-	-	1.19%	1.07%	0.61%	0.54%	0.87%
Announcement Date	2/19/21	2/18/22	2/17/23	2/15/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2.58 MYR

Average target price

3.103 MYR

Spread / Average Target

+20.28%

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