[%kmPG%] 
Research by Maybank
BUY – TP RM 5.70

" 2Q24: Below expectations”

2Q24 results missed our expectations. Hence, we adjust our FY24-26E earnings by -18%/-6%/+12% respectively after: i) revising our aluminium spot prices assumptions to USD2,450/2,500,2,550/t (from USD2,500/2,500/2,440/t); ii) updating PMETAL’s hedging ratios of 40% @ USD2,600 for FY24E, 35% @ USD2,650 for FY25E and 30% @ USD2,700 for FY26E; and iii) an increase in logistics cost assumptions. Our TP is reduced to MYR5.70 (from MYR6.10), pegged to a -1SD to its 5-year mean PER of 25x. Maintain BUY.

Analyst:
Jeremie Yap
[%IbbZ%]

$KLSE-PMETAL 
Research by Maybank
BUY – TP RM 5.70

" 2Q24: Below expectations”

2Q24 results missed our expectations. Hence, we adjust our FY24-26E earnings by -18%/-6%/+12% respectively after: i) revising our aluminium spot prices assumptions to USD2,450/2,500,2,550/t (from USD2,500/2,500/2,440/t); ii) updating PMETAL’s hedging ratios of 40% @ USD2,600 for FY24E, 35% @ USD2,650 for FY25E and 30% @ USD2,700 for FY26E; and iii) an increase in logistics cost assumptions. Our TP is reduced to MYR5.70 (from MYR6.10), pegged to a -1SD to its 5-year mean PER of 25x. Maintain BUY.

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com

$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)