$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)
Research by RHB
Buy – TP RM 6.53

" Journey To The East; Reiterate BUY ”

We visited Press Metal’s Samalaju manufacturing facility and came away encouraged on the sector’s mid- to long-term earnings prospects. Our positive outlook on aluminium is primarily driven by the ongoing rise in ASPs, and "green push" towards EVs and solar panels. PMAH’s valuation is undemanding, 21x 2025F P/E or 0.9SD below the 5-year mean of 25x

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