[%Yiqh%] 
Research by RHB
Buy - TP RM6.53

"Unlocking Potential Amidst Evolving Market Dynamics"

ReiterateBUY,newMYR6.53TP(fromMYR6.67),27%upside,c.1%yield. 1H24 core earnings of MYR931.5m were below our and Street’s expectations, as we anticipate a softer quarter ahead. Despite this, we remain optimistic on aluminium, primarily due to the recovery of aluminium ASPs and the "green push" for EVs. Press Metal’s valuation appears undemanding, trading at 22x 2025F P/E (0.7SD below the 5-year mean of 25x).

Analyst:
Cindy Lee
[%Etvl%]

$KLSE-PMETAL 
Research by RHB
Buy - TP RM6.53

"Unlocking Potential Amidst Evolving Market Dynamics"

ReiterateBUY,newMYR6.53TP(fromMYR6.67),27%upside,c.1%yield. 1H24 core earnings of MYR931.5m were below our and Street’s expectations, as we anticipate a softer quarter ahead. Despite this, we remain optimistic on aluminium, primarily due to the recovery of aluminium ASPs and the "green push" for EVs. Press Metal’s valuation appears undemanding, trading at 22x 2025F P/E (0.7SD below the 5-year mean of 25x).

Analyst:
Cindy Lee
cindy.chin.hui@rhbgroup.com

$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)