Malaysian Smelting Corporation IPO (MSC): One of the largest supplier of tin metal globally, MSC offers exposure to the rapidly growing tin industry, driven by strong demand from Asia. To capitalize on this trend, MSC plans to further expand on its mining and smelting capabilities, to take advantage of rising tin prices, expected to peak in 2013….
With smelting operations dating back to 1887, successful listing on KLSE in 1994 and its ability to weather through the recent global crunch, grp has proven its resilience and its share price in Malaysia has reaped a 35.4% return over the past year. We would like to point out that earnings have largely been negative over the past 2 years, due largely to impairments (Non-cash) items, as group has been divesting away its non-tin assets…
Stripping out impairment losses, the stock trades at an undemanding FY10E P/E of 4.6x vs its 7-year KLSE historical mean of 10.5x and relative to regional peer average of 21.8x. IPO Application closes tomorrow at 12 p.m and starts trading on 27th Jan.
http://kimenglive.yolasite.com/resources/Companies/MSC%20-%20ipo.pdf
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