13 AUGUST 2014www.bernama.com.my
Q2 Bullish results pushes Press Metal's stock higher
Edited by : AL CIRCLE
1 min read
Press Metal Bhd's shares rose 15 sen to RM6.25 as at 10.15 am following its bullish second quarter results posted Tuesday.
The aluminium products producer's second quarter pre-tax profit for the period ended June 30, 2014 more than tripled to RM83.58 million from the RM26.85 million registered in the same period last year.
Revenue jumped to RM1 billion from RM795.34 million.
RHB Research Institute said the better results were due to the optimum production at Press Metal's smelting plants and higher aluminium prices.
"We continue to like the company as it is a world-class low-cost aluminium smelter that could leverage on the bottoming out of aluminum prices," it said in a research note Wednesday.
RHB Research has placed a "BUY" recommendation on Press Metal with a higher fair value of RM8.30.
The aluminium products producer's second quarter pre-tax profit for the period ended June 30, 2014 more than tripled to RM83.58 million from the RM26.85 million registered in the same period last year.
Revenue jumped to RM1 billion from RM795.34 million.
RHB Research Institute said the better results were due to the optimum production at Press Metal's smelting plants and higher aluminium prices.
"We continue to like the company as it is a world-class low-cost aluminium smelter that could leverage on the bottoming out of aluminum prices," it said in a research note Wednesday.
RHB Research has placed a "BUY" recommendation on Press Metal with a higher fair value of RM8.30.
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