Press Metal's Share Price Rises In Early Trade On Strong 1Q Earnings
KUALA LUMPUR, May 29 (Bernama) -- The share price of Press Metal Aluminium Holdings Bhd (Press Metal) rose in early trading after the company posted strong earnings for the first quarter ended March 31, 2026 (1Q 2026).
At 10.38 am, the company’s shares jumped 16 sen to RM9.16, with a total of 1.71 million shares traded.
In a filing with Bursa Malaysia, the aluminium smelter said its net profit surged by 35.3 per cent to RM624.50 million in 1Q 2026 from RM461.77 million in the same period a year ago.
Revenue for the quarter under review increased by 5.2 per cent to RM4.10 billion from RM3.90 billion, driven by higher metal prices and increased sales volume.
Meanwhile, Hong Leong Investment Bank Bhd expects stronger earnings for Press Metal in the coming quarters due to rising aluminium prices and Main Japanese Port (MJP) premiums for the metal.
“While we remain constructive on its underlying fundamentals, we believe the market has largely priced in its positioning as a beneficiary of the West Asia conflict, including expectations of supernormal profits in the coming quarters amid elevated aluminium prices.
“Therefore, we downgrade Press Metal to ‘hold’, albeit with a slightly higher target price of RM8.77 per share,” it said in a note today.
-- BERNAMA