PETALING JAYA: Hong Leong Investment Bank Research (HLIB Research) expects Press Metal
Aluminium Holdings Bhd to post steady earnings for the first quarter of its financial year 2024 (1Q24) although rising costs may drag on margins.
“We expect Press Metal’s 1Q24 core earnings to come in at the range of RM330mil-RM350mil, representing 21% to 22% of our FY24 forecasts, barring unforeseen swings in cost structures.
“This is estimated from the average London Metal Exchange (LME) aluminium spot prices of US$2,203 per tonne versus US$2,193 in 4Q23, and US$2,400 in 1Q23,” the research firm said in a report yesterday.
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