0420 GMT - Press Metal Aluminium could benefit from likely higher demand from China on the expectation of an economic recovery in 2025, UOB Kay Hian analysts write in a note. The recovery will significantly boost global aluminum consumption, as China accounts for over 50% of global demand, they say. The aluminum company's nine-month results were above expectations, largely due to stronger-than-expected profitability from its associate, PT Bintan, they add. UOB Kay Hian raises its 2024 earnings forecast for the company by 9% to factor in stronger profitability from the associate. The brokerage maintains the stock's MYR6.30 target price and a buy rating. Shares last 0.4% higher at MYR5.03.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 23:20 ET (04:20 GMT)
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