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.
印度盧比投資銀行有限公司（RhB Research）和馬來亞銀行投資銀行有限公司（Maybank IB）均維持對Press Metal鋁業控股有限公司的買入看漲期權，新的目標價格在6.39令吉至5.76令吉之間。
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（24年第9個月）的強勁盈利表現，RhB Research指出，受員工強勁貢獻的推動，核心收益超出預期，而馬來亞銀行則指出，業績符合預期，但高於預期。
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).
Press Metal的9M24核心收益達到1400令吉，反映了同比增長55％，這得益於鋁價格上漲和對增值產品的需求不斷增長。在24年第三季度，該公司的核心收益爲47580萬令吉，同比增長49％，但同比（QoQ）下降了7％，這歸因於美元疲軟和鋁平均銷售價格（ASP）的下跌。
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.
該公司宣佈第三次派發每股中期股息（DPS），爲1.75先令，使24年9個月的總每股股息達到5.25仙。儘管季度環比下降，但由於長期增長驅動因素，例如鋁價回升和對低碳鋁的需求增加，分析師仍保持樂觀。
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.
Maybank Ib還強調了氧化鋁價格上漲的影響，Press Metal通過其持有的民丹島石油公司25％的股份使Press Metal受益，儘管該公司在24年第三季度面臨氧化鋁投入成本上漲的挑戰。該公司還預計，9月發生火災事故的P3薩馬拉朱工廠將在2025年1月全面投入運營。RhB Research預計，由於預期的聯儲局減息以及非中國製造商對鋁的需求增長，鋁價將回升。
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.
兩位分析師都對Press Metal的前景持樂觀態度，RhB Research專注於該公司利用全球綠色工業和可持續發展趨勢的潛力，而Maybank Ib則將定於28年第四季度完工的Baleh水力發電項目視爲重要的長期再評級催化劑，前提是該公司確保新冶煉廠的電力供應。
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.
受鋁市場復甦和公司在低碳鋁行業的戰略定位的推動，Press Metal的前景仍然樂觀。
譯文內容由第三人軟體翻譯。
