Company Update � MSM (HOLD, maintain)

Top Calls

Company Update � MSM (HOLD, maintain) - Not so sweet raw sugar prices MSM�s 1H16 net profit has already shown signs of being impacted by raw sugar prices as the gross margin dropped by 8.5ppts YoY to 16%. We caution that there might be a chance of further earnings downside, especially in 2017 if raw sugar prices continue to spike. We are still waiting for potential cost benefits to emerge from MSM�s Dubai operations. Maintain HOLD rating and TP of RM4.72.

Other Calls

Economy � IPI - Industrial production slowed to 3.2% yoy in Sep

Economy � GDP & BOP 3Q16 - Higher GDP growth in 3Q16, led by net exports

Morning News & Market Summary

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