[%IKXO%] 
Research by Kenanga
Outperform - TP RM6.35

"Firmer ASP to Support Earnings Growth"

PMETAL’s 1HFY24 results met expectations. Its 1HFY24 core profit jumped 54% YoY on strong ASP and better contribution from associate PT Bintan. Aluminium prices are expected to stay firm on the back of the demand recovery in China while supply will be capped by geopolitical tensions. We keep our earnings and TP of RM6.35 unchanged. It remains an OUTPERFORM.

Analyst:
Teh Kian Yeong 
[%QihJ%]

$KLSE-PMETAL 
Research by Kenanga
Outperform - TP RM6.35

"Firmer ASP to Support Earnings Growth"

PMETAL’s 1HFY24 results met expectations. Its 1HFY24 core profit jumped 54% YoY on strong ASP and better contribution from associate PT Bintan. Aluminium prices are expected to stay firm on the back of the demand recovery in China while supply will be capped by geopolitical tensions. We keep our earnings and TP of RM6.35 unchanged. It remains an OUTPERFORM.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my

$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)