Press Metal Earnings Likely to Soften as Aluminum Prices Ease
Dow Jones
Aug 28
0202 GMT - Press Metal Aluminium is likely to post lower 2H earnings as aluminum prices pull back from 2Q peaks, Maybank IB analyst Loh Yan Jin says in a note. However, medium-term prices of the metal are expected to stay supported by elevated energy costs and structural demand from renewable energy, electric vehicles and AI infrastructure, she says. The company has locked in about 65% of 2026 estimated sales at around $2,800 a ton, 60% of 2027 sales at $2,900 a ton and 30% of 2028 sales at $3,000 a ton, she adds. Loh says lower alumina prices could also allow Press Metal to reduce hedging. Maybank maintains a buy rating on the stock with a target price of 9.41 ringgit. Shares are 0.1% lower at 8.00 ringgit.
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