SMS has a very good architecture where it will reinstall/repair the component if it failed in anytime. However, below is the issue encountered and unable to repair (shows in MPSETUP.log).
As per http://support.microsoft.com/kb/913441, requested the particular hotfix and apply. This is partly an IIS issue on Windows Server 2003 SP1. Although it stated reboot is not required, but I have reboot for the safe side.
SMS 2003 SP2 Management Point manage to reinstalled by itself successfully.
