KUALA LUMPUR: Affin Hwang Capital Research has reiterated a “sell” call on MSM Malaysia Holdings Bhd (MSM) with a target price of RM1.10 due to depressed average selling prices (ASPs) and a weaker ringgit dragging on profitability.
Despite a sequential pick-up in domestic volumes, the research unit said ASPs have yet to recover due to the protracted glut in sugar supply as a result of approved permits (AP) as well as smuggled sugar.
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