Press Metal's Strong Performance Defies Expectations, Analysts Optimistic About Growth
Press Metal's Strong Performance Defies Expectations, Analysts Optimistic About Growth
The company declared a third interim dividend per share (DPS) of 1.75 sen, bringing the total DPS for 9M24 to 5.25 sen. Despite the QoQ decline, analysts remain optimistic due to long-term growth drivers, such as the recovery in aluminium prices and an increase in demand for low-carbon aluminium.RHB Investment Bank Bhd (RHB Research) and Maybank Investment Bank Bhd (Maybank IB) have both maintained BUY calls on Press Metal Aluminium Holdings Bhd, with renewed target prices ranging between RM6.39 and RM5.76.
RHb投資銀行有限公司（RHb研究）和馬來亞銀行投資銀行有限公司（馬來亞銀行IB）均對此次金屬鋁業控股有限公司維持買入評級，目標價在RM6.39至RM5.76之間。
Both analysts highlighted strong earnings performance in nine months of 2024 (9M24), with RHB Research noting that core earnings exceeded expectations, driven by stronger contributions from associates, and Maybank IB pointing out results in line with forecasts but above consensus.
兩位分析師都強調了2024年九個月（9M24）的強勁盈利表現，RHb研究指出核心盈利超出預期，主要得益於關聯公司的強勁貢獻，而馬來亞銀行IB則指出結果符合預測但高於市場共識。
Press Metal's 9M24 core earnings reached RM1.4 billion, reflecting a 55% year-on-year (YoY) increase, driven by higher aluminium prices and growing demand for value-added products. In 3Q24, the company recorded RM475.8 million in core earnings, a 49% YoY increase but a 7% decrease quarter-on-quarter (QoQ), attributed to a weaker US dollar and a dip in aluminium average selling prices (ASP).
金屬的9M24核心盈利達到RM14億，同比增長55%，受益於鋁價上漲和對增值產品的需求增加。在2024年第三季度，公司記錄的核心盈利爲RM47580萬，同比增長49%，但環比下降7%，這被歸因於美元走弱和鋁的平均售價（ASP）下降。
The company declared a third interim dividend per share (DPS) of 1.75 sen, bringing the total DPS for 9M24 to 5.25 sen. Despite the QoQ decline, analysts remain optimistic due to long-term growth drivers, such as the recovery in aluminium prices and an increase in demand for low-carbon aluminium.
公司宣佈2024年第三次中期每股股息（DPS）爲1.75仙，使9M24的總DPS達到5.25仙。儘管環比下降，分析師們仍對金屬的長期增長動力持樂觀態度，如鋁價復甦和低碳鋁需求的增加。
Maybank IB also highlighted the impact of rising alumina prices, benefiting Press Metal through its 25% stake in PT Bintan, though the company faced challenges with higher alumina input costs during 3Q24. The house also expects the P3 Samalaju plant, which suffered a fire incident in September, to be fully operational by January 2025. RHB Research anticipates a recovery in aluminium prices due to expected US Federal Reserve rate cuts and a growing demand for aluminium from non-China manufacturers.
馬來亞銀行IB還強調了鋁土礦價格上漲的影響，受益於金屬通過其在Pt Bintan 25%的股份，但公司在2024年第三季度面臨鋁土礦投入成本上升的挑戰。該公司還預計在9月份發生火災事件的P3 Samalaju工廠將在2025年1月全面投入運營。RHb研究預計，由於美國聯邦儲備系統預計將減息，鋁價將會恢復，以及非中國製造商對鋁的需求不斷增長。
Both analysts are optimistic about Press Metal's prospects, with RHB Research focusing on the company's potential to capitalise on the global trend toward green industries and sustainability, while Maybank IB sees the Baleh Hydroelectric Project, due for completion in 4Q28, as a significant long-term re-rating catalyst if the company secures the power supply for new smelting plants.
兩位分析師對金屬的前景持樂觀態度，RHb研究專注於公司利用全球綠色產業和可持續發展趨勢的潛力，而馬來亞銀行IB則看到Baleh水電項目在2028年第四季度完成後，將作爲公司爲新鑄造廠確保電力供應的重要長期估值催化劑。
The outlook remains positive for Press Metal, driven by the aluminium market recovery and the company's strategic positioning in the low-carbon aluminium sector.
由於鋁市場的復甦和公司在低碳鋁板塊的戰略定位，鋁壓鑄的前景仍然積極。
