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Research Reinvented

Equity Bottom-Up

Malaysia Smelting Corp / Equity Bottom-Up

Malaysia Smelting Corporation Berhad smelts tin concentrates and tin bearing materials as well as produces refined tin metal and by-products.  The Company, through its subsidiaries, also provides authorized warehouse for tin metal.

<ul>
 <li>Malaysia Smeltings Corp (MSC) is a leading global integrated tin producer, with operations spanning both upstream tin mining and downstream tin smelting. Its strategic shift to the modern, more efficient Pulau Indah smelter is a key catalyst for margin improvement and reduced environmental impact.</li>
 <li>The company's financial performance is intrinsically linked to volatile global tin prices. While recent years have seen fluctuations in profitability, the long-term demand outlook for tin is robust, driven by its critical role in electronics, renewable energy (solar panels), and electric vehicles.</li>
 <li>MSC is focused on enhancing operational efficiency and expanding its mining output. The consolidation of smelting operations at the new Pulau Indah facility and the potential expansion of its mining footprint are expected to be key drivers of future growth and profitability.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Malaysia Smeltings Corp (MSC) is a leading global integrated tin producer, with operations spanning both upstream tin mining and downstream tin smelting. Its strategic shift to the modern, more efficient Pulau Indah smelter is a key catalyst for margin improvement and reduced environmental impact.
  The company's financial performance is intrinsically linked to volatile global tin prices. While recent years have seen fluctuations in profitability, the long-term demand outlook for tin is robust, driven by its critical role in electronics, renewable energy (solar panels), and electric vehicles.
  MSC is focused on enhancing operational efficiency and expanding its mining output. The consolidation of smelting operations at the new Pulau Indah facility and the potential expansion of its mining footprint are expected to be key drivers of future growth and profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Malaysia Smelting Corp (SMELT MK) - Dec 2025

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Fortress Minerals Limited mines, processes, and distributes iron ore. The Company focuses on exploration, mining, production, and distribution of iron ore concentrates. Fortress Minerals serves customers in Singapore and Malaysia.

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output.Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Fortress Minerals Ltd. (FMIL SP): Resetting the Strip and Pushing Out Growth

<ul><li>Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.</li><li>The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in output</li><li>Rethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reset of our iron ore assumptions. We take a structurally softer IODEX CFR North China outlook for 2026 to 2030, which feeds directly into lower average selling prices for Fortress despite ongoing volume growth at Bukit Besi.The second anchor is timing. We push out the meaningful contribution from the Mengapur project to around FY2027, so the near-term story is primarily about defending margins rather than delivering a step change in outputRethinking the cyclical nature of IODEX. Management has highlighted weaker benchmark prices as the key reason for the FY2025 ASP of US$88.88 per DMT, but our work also points to a steady erosion in price realisation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fortress Minerals Ltd. (FMIL SP / OAJ.SI): Resetting the Strip and Pushing Out Growth

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.</li><li>Tourist arrivals in 2025E are expected to fall 7.3% YoY.</li><li>In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.</li></ul>

Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.Tourist arrivals in 2025E are expected to fall 7.3% YoY.In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.

Tourism: Tourist Arrivals Are Unlikely To Recover In The Near Term. - Neutral

Energy Transition | AI | Shifting World Order, Mint Finance

Amrutha Raj

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Is Gold poised for a breakout, confirmed by Silver's lead? Gold prices are currently forming a triangle continuation pattern akin to the one in Q4 2024.</li>
<li>Critically, silver serves as a lead indicator in this context; it has already completed its own triangle pattern and broken out to new highs.</li>
<li>The path ahead for gold prices is contingent on the timing of US rate cuts, real-yield trends, and geopolitical risks.</li>
</ul>


Is Gold poised for a breakout, confirmed by Silver's lead? Gold prices are currently forming a triangle continuation pattern akin to the one in Q4 2024.
Critically, silver serves as a lead indicator in this context; it has already completed its own triangle pattern and broken out to new highs.
The path ahead for gold prices is contingent on the timing of US rate cuts, real-yield trends, and geopolitical risks.


Is Silver Leading the Charge? Do New Highs in Silver Signal Green Light for New Gold Highs?