0300 GMT - Press Metal Aluminium's 3Q earnings could be sequentially weaker, given lower average LME aluminum price, higher alumina prices and a stronger ringgit versus the dollar, Hong Leong IB analyst Brian Chin says in a note. He tips 3Q earnings to be 27%-37% lower sequentially between MYR325 million and MYR375 million, but 6%-22% higher on year. Despite challenges in 2H, he anticipates the company to achieve double-digit earnings growth in 2025 driven by stable aluminum prices and supported by looser monetary policies from major central banks and gradual economic recovery in China. Hong Leong cuts Press Metal's target price to MYR6.07 from MYR6.51 and maintains a buy rating on the stock. Shares are 2.8% lower at MYR4.93. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
October 08, 2024 23:00 ET (03:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.