[%VNLp%] 
Research by Kenanga 

OUTPERFORM– TP RM5.80

" OUTPERFORM”

PMETAL’s smelting plant in Samalaju caught fire which affected 100 pots or a-third of installed capacity in Plant 3. It expects to take c.4 months to restore operations which will reduce the group’s smelting capacity by 3% in FY24 while the damaged assets and loss of revenue are expected to be covered by insurance. Meanwhile, aluminium prices remain volatile which lead us to trim our assumptions. As such, we cut FY24/FY25 earnings forecasts by 18%/21% and TP by 9% to RM5.80, though OUTPERFORM rating is maintained.

Analyst: 
Teh Kian Yeong
 [%McUK%]

$KLSE-PMETAL 
Research by Kenanga 

OUTPERFORM– TP RM5.80

" OUTPERFORM”

PMETAL’s smelting plant in Samalaju caught fire which affected 100 pots or a-third of installed capacity in Plant 3. It expects to take c.4 months to restore operations which will reduce the group’s smelting capacity by 3% in FY24 while the damaged assets and loss of revenue are expected to be covered by insurance. Meanwhile, aluminium prices remain volatile which lead us to trim our assumptions. As such, we cut FY24/FY25 earnings forecasts by 18%/21% and TP by 9% to RM5.80, though OUTPERFORM rating is maintained.

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

$PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)