Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

Malaysia Smelting Corp / Equity Bottom-Up

<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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.


Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Jul 25th. The aggregated short interest is USD397m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Supermax, PPB, Sunway Construction, IJM, Cahya Mata Sarawak.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Jul 25th. The aggregated short interest is USD397m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Supermax, PPB, Sunway Construction, IJM, Cahya Mata Sarawak.


Bursa Short Interest Weekly (Jul 25th): Supermax, PPB, Sunway Construction, IJM, Cahya Mata Sarawak

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The CSRC has announced five capital market cooperation measures for the Hong Kong Southbound Connect programs including  RMB dual counters and REITs. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s current implied stub value and simple ratio are both highly elevated.</li>
<li>A simple <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>model says "this doesn't present me with enough upside to warrant it unless I am also really bullish <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>."</li>
</ul>


The CSRC has announced five capital market cooperation measures for the Hong Kong Southbound Connect programs including  RMB dual counters and REITs. 

Jardine Cycle &amp; Carriage (JCNC SP)'s current implied stub value and simple ratio are both highly elevated.
A simple Keisei Electric Railway Co (9009 JP)model says "this doesn't present me with enough upside to warrant it unless I am also really bullish Oriental Land (4661 JP)."


Last Week in Event SPACE: HK Southbound, Jardine Cycle, Keisei/Oriental Land, BHP/Anglo American

<div>
Back on the 17 May, after ARA Asset Management <a href="https://ara.listedcompany.com/newsroom/ARAPress_Release_SMBC0Joins-ARAasStrategicShareholder_17052021.pdf" target="_blank" rel="noopener">announced</a> a $500mn round of equity financing from Sumitomo Mitsui Banking Corporation, I reiterated a BUY on <a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745:1" rel="noopener">Straits Trading (STRTR SP)</a> in <a href="https://skr.ma/TcDY5" target="_blank" rel="noopener">Straits Trading: ARA's Pre-IPO Funding From SMBC</a>.
Based on the <a href="https://ara.listedcompany.com/misc/circulars/ARA-Scheme_Document_FINAL.pdf" target="_blank" rel="noopener">Scheme</a> value of ARA in 2017 when it was taken private, and its then-AUM, ARA was potentially worth upwards of S$6bn. This in turn assigned a value of S$1.3bn for STR's stake in ARA, ~30% above its then-current market cap.
That was pretty close to the mark.
As discussed in <a href="https://skr.ma/fJECF" target="_blank" rel="noopener">ESR Cayman (1821 HK) Takes Out ARA Asset Management</a>, <a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Cayman (1821 HK)</a> has now all but sealed the takeover of ARA in a US$5.2bn deal.
For its part, STR will pocket US$845.3mn (S$1.14bn) - in cash &amp; ESR scrip - from the transaction.
STR's shares have gained 13% as I type. 
More below the fold. 
</div>


Back on the 17 May, after ARA Asset Management announced a $500mn round of equity financing from Sumitomo Mitsui Banking Corporation, I reiterated a BUY on Straits Trading (STRTR SP) in Straits Trading: ARA's Pre-IPO Funding From SMBC.
Based on the Scheme value of ARA in 2017 when it was taken private, and its then-AUM, ARA was potentially worth upwards of S$6bn. This in turn assigned a value of S$1.3bn for STR's stake in ARA, ~30% above its then-current market cap.
That was pretty close to the mark.
As discussed in ESR Cayman (1821 HK) Takes Out ARA Asset Management, ESR Cayman (1821 HK) has now all but sealed the takeover of ARA in a US$5.2bn deal.
For its part, STR will pocket US$845.3mn (S$1.14bn) - in cash &amp; ESR scrip - from the transaction.
STR's shares have gained 13% as I type. 
More below the fold. 


Straits Trading Cheap As ARA Asset Exposure Monetized

Malaysia

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.

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Malaysia Smelting Corp Bhd (SMELT SP)

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

Malaysia Smeltings Corp (MSC) is a leading global integrated tin producer, with operations spanning both upstream tin mining and downstream tin...

αSK

Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Malaysian Resources, Sime Darby, Bumi...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Jul 25th): Supermax, PPB, Sunway Construction, IJM, Cahya Mata Sarawak

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Supermax, PPB, Sunway Construction,...

Ke Yan, CFA, FRM

Last Week in Event SPACE: HK Southbound, Jardine Cycle, Keisei/Oriental Land, BHP/Anglo American

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Straits Trading Cheap As ARA Asset Exposure Monetized

After my insight - Ripe For Privatisation - in October 2020, Straits Trading nicely gained ~130% over 12 months. STR then realised a ~S$685.6mn...

David Blennerhassett

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