- We provide an update on MSH following our last report, dated December 11, 2020. 

- 2020 was a challenging year for MSH due to the COVID-19 pandemic. As orders picked up in 2021, net revenue recovered in 2021-2022, before declining in 2023 as global merchandise trade weakened. 

- NPAT-MI though saw a downward trend in 2021-2023, which was mainly due to (1) higher materials input costs amid global supply chain disruptions, (2) weak demand in 2023, and (3) MSH’s decision to maintain employee salaries rather than reduce them (see p.5).

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