0204 GMT - Press Metal Aluminium's smelter fire and the continuing volatile aluminum prices could affect its earnings, Kenanga IB analyst Teh Kian Yeong says in a note. Management expects the fire at the Samalaju smelter to reduce 2024 smelting capacity by 3%, he notes. Teh lowers Press Metal's 2024-2025 earnings forecasts by 18%-21% to reflect lower aluminum price assumptions and reduced plant utilization following the fire. Kenanga cuts Press Metal's target price to MYR5.80 from MYR6.35 while maintaining an outperform rating on the stock. Shares are 2.0% higher at MYR4.59. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
September 10, 2024 22:04 ET (02:04 GMT)
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