KUALA LUMPUR: Shares in MSM Malaysia Holdings Bhd continued to attract strong trading interest in early trade Monday. The sugar producer jumped 13.27%, or 13 sen to RM1.11 with 25 million shares traded. MSM’s net loss for FY20 narrowed to RM71.23mil from RM299.77mil a year earlier. Its revenue rose to RM2.18bil from RM2.01bil a year earlier. It reported a net profit of RM56.24mil for the fourth quarter ended Dec 31,2020, compared to net loss of RM40.28mil a year ago, due to higher overall margin and lower finance cost. Affin Hwang Capital said MSM turned profitable in 4Q20 for the first time since 3Q18, registering a core net profit of RM46.4mil, backed by improved margins from better capacity utilisation and lower financing costs. “Consequently, 2020 core net loss fell to RM8.4mil, coming in above our and consensus expectations. “In view of the better-than-expected performance, we now project 2021-22E earnings of RM81mil-RM103mil, inputting higher sales and better margins. Upgrade to ‘buy’ with a higher target price of RM1.27,” it said.
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