Press Metal sets a new aluminium shares record with a new high of MYR 7.40

Shares of Press Metal Aluminium Holdings Bhd saw a sharp upward momentum on Wednesday, January 21, reaching a fresh high of MYR 7.40 (USD 1.83), and marking a 42.86 per cent rise over the past twelve months. The record was achieved as the FTSE Bursa Malaysia KLCI (FBMKLCI) index went 0.4 per cent higher at MYR 1,705.81 (USD 422.23), with Press Metal establishing itself as one of the significant aluminium producers in the Malaysian aluminium industry. 

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In January 2026, Press Metal announced that it had secured hedging arrangements which encompassed 40 per cent of its alumina supply for the year. The rates were equivalent to 14 to 15 per cent of spot aluminium prices. The move is aimed at ensuring protection from raw material price volatility, given alumina’s significant share in overall production costs. 

Consensus estimates have been positive, pointing to Q4 of 2025 earnings between the range of MYR 600 million (USD 148.5 million) to MYR 650 million (USD 160.9 million). If realised, this would mark the company’s highest quarterly profit to date. Analysts referred to the outlook for firm aluminium prices combined with improved cost stability.

In December 2025, Hong Leong Investment Bank Bhd maintained its BUY recommendation and raised the target price to MYR 7.64 (USD 1.89). It also reiterated Press Metal’s plan to lift the share of value-added products to 50-60 per cent of total sales by FY2026, compared to the record of 46.8 per cent along the first nine months of FY2025, indicating positive margins for downstream expansion. 

Market conditions turned increasingly supportive for the aluminium production segment. In September 2025, Maybank Investment Bank Research noted a tighter global aluminium supply due to China’s production cap and disruptions in other producing regions. These factors have contributed to sustaining aluminium prices. These factors have helped low-cost producers like Press Metal, benefiting from affordable hydroelectric power in Sarawak, increasing market competitiveness.

The company continues to proceed with its vertical integration strategy, with PT Bintan and PT Kan expected to improve alumina self-sufficiency within the next two years. The development is being treated as lowering reliance on seaborne alumina markets that are prone to fluctuation and strengthening long-term cost competitiveness.

The company’s recovery from a fire at its Samalaju Phase 3 smelter in September 2024 and restoration of full production highlighted its operational resilience. In May 2025, RHB Investment Bank Bhd and HLIB reaffirmed BUY ratings with target prices of MYR 6.33 (USD 1.57) and MYR 6.21 (USD 1.54), respectively, citing improvement in stock figures that have since exceeded expectations.

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