Press Metal Aluminium Likely Still Benefit From Higher Aluminum Prices -- Market Talk

Dow Jones04-24

0117 GMT - Press Metal Aluminium could still benefit from likely higher aluminum prices, given expectations for demand recovery and structural supply tightness, UOB KayHian analysts Ku Wei Xiang and Desmond Chong say in a note. They reckon Press Metal could see stronger 1Q core earnings, driven by higher aluminum prices and stronger associate's contribution. They tip 1Q core earnings at MYR332 million-MYR399 million, 0%-21% higher sequentially and 17%-40% higher on year. They expect Press Metal 2024's core earnings to be 34%-49% stronger at MYR1.65 billion-MYR1.83 billion amid likely higher aluminum prices and a better cost structure. UOB KH raises Press Metal's target price to MYR6.72 from MYR5.50, while maintaining a buy rating on the stock. Shares are 0.2% lower at MYR5.37. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

April 23, 2024 21:17 ET (01:17 GMT)

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They expect Press Metal 2024's core earnings to be 34%-49% stronger at MYR1.65 billion-MYR1.83 billion amid likely higher aluminum prices and a better cost structure. UOB KH raises Press Metal's target price to MYR6.72 from MYR5.50, while maintaining a buy rating on the stock. Shares are 0.2% lower at MYR5.37. 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