PETALING JAYA: Apex Securities Research expects global tin market tightness and firmer tin prices to lift Malaysia Smelting Corp
Bhd’s (MSC) earnings in the coming years.
In a report, the brokerage said MSC stands to benefit from higher tin prices despite ongoing disruptions in tin‑ore supply, noting that “total refined tin production is anticipated to remain broadly flat at the company.”
Global supply remains constrained due to policy‑driven production curbs in Indonesia, heightened geopolitical risks in the Democratic Republic of Congo, and a slow, uneven recovery in Myanmar.
Apex Research said it has revised its tin price assumptions upwards to US$35,100 to US$37,200 per tonne for the financial year 2026 (FY26) and FY27, reflecting persistent supply‑side tightness.
As a result, the firm has raised its FY26 and FY27 earnings forecasts for MSC by 16.6% and 26.6%, respectively, to account for the higher price outlook.
