[%jGrt%] 
Research by HLIB
Buy - TP RM6.51

"Numbers inline"

PMETAL posted 2Q24 core earnings of RM516.7m (+24% QoQ, +65% YoY), lifting 1H24 core net profit to RM932.9m, inline with our and street estimates. Core net profit rose 65% YoY/ 54% YTD as average LME aluminium spot prices were up 11% YoY and 12% YTD. Also, contribution from its associate PT Bintan surged (2x YoY, 3x YTD) as its 2m annual alumina refinery capacity was fully commissioned in 2Q23, coupled with stronger realised alumina prices. Maintain our forecasts and BUY call with unchanged TP of RM6.51 – based on a PE multiple of 28x on FY25f profits.

Analyst:
Brian Chin
[%nWKE%]

$KLSE-PMETAL 
Research by HLIB
Buy - TP RM6.51

"Numbers inline"

PMETAL posted 2Q24 core earnings of RM516.7m (+24% QoQ, +65% YoY), lifting 1H24 core net profit to RM932.9m, inline with our and street estimates. Core net profit rose 65% YoY/ 54% YTD as average LME aluminium spot prices were up 11% YoY and 12% YTD. Also, contribution from its associate PT Bintan surged (2x YoY, 3x YTD) as its 2m annual alumina refinery capacity was fully commissioned in 2Q23, coupled with stronger realised alumina prices. Maintain our forecasts and BUY call with unchanged TP of RM6.51 – based on a PE multiple of 28x on FY25f profits.

Analyst:
Brian Chin
brianchy@hlib.hongleong.com.my

$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)