Press Metal Aluminium Shares Rise Sharply After Earnings Beat

Dow Jones

2024-12-02

By Amanda Lee

Press Metal Aluminium shares rose sharply after the company's third-quarter profit beat expectations.

Shares were up as much as 6.9% in Monday morning trade, and were last 5.2% higher at 4.88 ringgit, equivalent to $1.10.

The Malaysian aluminum producer said Friday after market close that third-quarter net profit rose 31% to 402.3 million ringgit from a year earlier due to higher profit contribution from associate companies.

Revenue rose 9.8% to 3.78 billion ringgit, primarily due to higher aluminum prices, the company said.

Press Metal Aluminium is "well-positioned to capitalize" on the potential spillover effects of a heightened U.S.-China trade dispute and growing demand for low-carbon aluminum, said RHB Investment Bank analyst Cindy Lee in a note.

RHB IB raised the stock's target price to 6.39 ringgit from 6.30 ringgit while maintaining a buy rating.

Meanwhile, Hong Leong Investment Bank raised Press Metal Aluminium's target price to 6.21 ringgit from 6.07 ringgit.

Hong Leong IB analyst Brian Chin forecasts the company to post double-digit earnings growth in 2025 as a result of likely stable aluminum prices due to major central banks' easing monetary policies, the gradual economic recovery in China, as well as easing alumina prices.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

December 01, 2024 21:52 ET (02:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Newswires\n</p>\n<p>\n  December 01, 2024 21:52 ET (02:52 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"5MD.SI","symbol_name":"順聯","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2488061738","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2488061738","pubTimestamp":1733107920,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Press Metal Aluminium shares rose sharply after the company's third-quarter profit beat expectations.Shares were up as much as 6.9% in Monday morning trade, and were last 5.2% higher at 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6.39 ringgit from 6.30 ringgit while maintaining a buy rating. \n\n\n  Meanwhile, Hong Leong Investment Bank raised Press Metal Aluminium's target price to 6.21 ringgit from 6.07 ringgit. \n\n\n  Hong Leong IB analyst Brian Chin forecasts the company to post double-digit earnings growth in 2025 as a result of likely stable aluminum prices due to major central banks' easing monetary policies, the gradual economic recovery in China, as well as easing alumina prices. \n\n\n \n\n\n  Write to Amanda Lee at amanda.lee@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 01, 2024 21:52 ET (02:52 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}