🚨 Press Metal Aluminium: 3Q24 – Strong show despite high alumina costs

Macquarie Equities Research (MQ Research) released a flashnote highlighting Press Metal’s (PMETAL) 3Q24 earnings release, where PMETAL reported 3Q24 adjusted net profit (NP) of RM476mn (+49% year-on-year (YoY), -7% quarter-on-quarter (QoQ)). PMETAL’s 9M24 adjusted NP of RM1.4bn (+55% YoY) met MQ Research’s expectation at 79%, but beat Bloomberg estimates at 85%. Meanwhile, the 9M dividend per share of 5.25 sen was in-line.

Investors who have a bullish outlook on PMETAL and are keen to gain leveraged exposure to this counter, may consider Macquarie Warrants Malaysia’s call warrant PMETAL-C1P. With the share price of PMETAL moving over 4% higher this morning, PMETAL-C1P has correspondingly gained over 16% to trade at a bid/ask price of RM0.140/0.145.

This warrant is one of the more sensitive warrants amongst its peers currently; it tends to move 1 tick (RM0.005) for every 4-5 ticks change (RM0.04-0.05) in shares of PMETAL. Further, this warrant is currently on tight spreads, allowing investors to enter and exit their positions with relative ease.