On June 23, Chalco (02600.HK) declined 3.03% in regular trading, trading at HKD 8.32 per share, with turnover of HKD 78.08 million.

On the news front, Goldman Sachs previously downgraded Chalco to a Sell rating and slashed its 12-month target price from HKD 12.5 to HKD 7.5, citing accelerating aluminum capacity expansion in China expected to exceed 48 million tonnes and significant industry profit compression ahead. Citigroup also cut its target price to HKD 7.6. Additionally, the US-Iran peace agreement has boosted expectations for the reopening of the Strait of Hormuz, with markets continuing to price in Middle East aluminum capacity restart, putting sustained pressure on aluminum prices.

The aluminum sector broadly weakened, with Chuangxin Industrial down 5.01%, Nanshan Aluminum International down 5.6%, and China Hongqiao down 0.26%. However, Citigroup maintained a Buy rating on Chalco, arguing the selloff is overdone and current weakness presents a buying opportunity with a target price of HKD 17.08.

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