Citi has released a research report noting that Aluminum Corporation of China Limited (CHALCO) reported a net profit of 5.527 billion yuan for the first quarter of 2026, marking a 56% increase year-on-year and a significant 207% rise quarter-on-quarter, which aligns with prior company forecasts. The firm maintains its "Buy" rating on CHALCO's H-shares with a target price of HK$15.94, based on a projected 2026 price-to-book ratio of 2.81 times. Previously, Citi initiated a 30-day positive catalyst watch on CHALCO, anticipating that meetings between the company's chairman, senior management, and investors would yield positive guidance. The report also suggests the market is underestimating the impact of supply disruptions in the aluminum industry resulting from conflicts involving Iran. Citi reiterates its position that CHALCO is the preferred stock within the sector.