China Hongqiao Could Benefit From Higher Aluminum Margin -- Market Talk

Dow Jones04-01

0804 GMT - Aluminum producer China Hongqiao Group could benefit from a higher aluminum margin thanks to stronger demand from solar installation and new-energy vehicles amid tight supply, Citi analysts say in a research note. The aluminum demand recovery after the Lunar New Year is better than the previous year's and further upside is linked to a potential manufacturing restocking cycle that could start this year, they say. Citi lifts Hongqiao's 2024-2025 net profit estimates by 67% and 15%, respectively, to reflect lower aluminum unit costs. While maintaining a buy call on the stock, Citi raises its target to HK$11.50 from HK$9.30. Shares last closed at HK$8.80. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 01, 2024 04:04 ET (08:04 GMT)

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