In my personal view, I believe MSM's share price hasn't fully factored in a recent and vital information that it's receiving sugar subsidies/incentives of RM1 per kg. This incentive totals RM24 million monthly, and if sustained, it would reach RM288 million annually.

See page 22 of its 3QFY23 presentation slides:

Direct link to presentation: https://www.insage.com.my/Upload/Docs/MSM/3Q_FY2023%20Quarterly%20Results%20Briefing_1.pdf#view=Full

Source: https://www.msmsugar.com/investor-relations/