Stock Digest - Malaysia Smelting Corporation Bhd - Tapering Of Record High Tin Prices

We note that average tin prices in 2Q22 fell to USD36,828.08/MT (-15.2% QoQ) and has further deteriorated in recent months. We reckon that concerns over the global recession will continue to dampen the demand outlook for industrial metals, which we have now revised our tin price assumption lower to USD30,000 and USD25,000 (from USD35,000 and USD30,000) for 2022f and 2023f respectively.