#MSM

Recap

#MSM

MSM will continue its year-on-year growth and profitability with target to return as a dividend paying stock backed by a dividend policy.

MSM in the sweet spot?

Lower raw sugar price
Lower logistic costs
Stronger RM

(excluding the impact of derivatives)

#MSM

Impact of NY11 price fluctuationson MSM’s profitability

1 pound = 0.45359237kg
Assume 1USD = RM4.4

1 US cent/pound fluctuation
= RM0.044/ 0.45359237
= RM0.097/kg

Assume 1.12 to 1.14 kg of raw sugar is required to produce 1kg of refined sugar

Impact of 1 US cent/pound fluctuationin NY11 in producing 1kg

= RM0.097/kg x 1.13
= RM0.1096/kg

For the wholesale segment, assume the annual volume of 288,000MT

Impact of 1 US cent/ pound fluctuation in NY11 on production of 288,000MT refined sugar
= RM0.1096 x 288,000 x 1,000
=RM31.565m

#MSM