Earnings forecasts cut for Press Metal
AmInvestment Research maintained its “hold” call on the Press Metal counter and trimmed its fair value by 7% to RM3 from RM3.23 previously, based on 13x revised FD FY19 forecast earnings per share.
PETALING JAYA: AmInvestment Research has cut its earnings forecasts for Press Metal Aluminium Holdings Bhd on negative events impacting its supply of alumina, a raw material in the production of aluminium.
In a report, it maintained its “hold” call on the counter and trimmed its fair value by 7% to RM3 from RM3.23 previously, based on 13x revised FD FY19 forecast earnings per share.
The research house said Rio Tinto, one of the largest producers of alumina, has invoked force majeure for certain contracts. In addition, Brazil-based Norsk Hydro Alunorte has halved its alumina production after being accused of contaminating water supply surrounding its site in Brazil.
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