Rising aluminium prices lead Press Metal Aluminium shares to gain 5%, a record all-time high

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As aluminium prices continue to experience an upward trend since the start of the Middle East conflict, shares of Press Metal Aluminium Holdings Berhad, the largest integrated aluminium producer in Southeast Asia, achieved a record all-time high on April 24. The stock experienced an intraday high of 5.1 per cent or 41 sen, reaching MYR 8.48 (USD 2.14) per share, before closing at 8.42 (USD 2.13) per share, reflecting a 4.3 per cent rise.

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Year-to-date (YTD) record shows that the company’s shares have risen 19.43 per cent, climbing from MYR 7.05 (USD 1.78) per share on January 2, 2026, to MYR 8.42 (USD 2.13) on April 24.

A 74.69 per cent year-on-year (Y-o-Y) can be noticed too, as the share price climbed from MYR 4.82 (USD 2.13) per share on April 18, 2025, to MYR 8.42 (USD 2.13) on April 24.

Since February 27, 2026, the day before the geopolitical tensions unfolded due to the Middle East conflict, Press Metal’s market capitalisation has risen by 18.1 per cent or MYR 10.66 billion (USD 2.7 billion), soaring to MYR 69.38 billion (USD 17.55 billion), from MYR 58.72 billion (USD 14.85 billion) on Feb 27, when the stock closed at MYR 7.13 (USD 1.8). 

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It was further fuelled by the Iranian drone and missile attacks on the two largest aluminium producers of the Gulf region, i.e., Emirates Global Aluminium (EGA) and Aluminium Bahrain (Alba), causing major operational disruptions at the respective sites. Consequently, the company’s shares hit an all-time intraday high, reaching MYR 8.12 (USD 2.02), marking a 6.3 per cent surge.

In a note issued last month, Hong Leong Investment Bank Bhd upgraded Press Metal to a “buy” rating and lifted its earnings projections by 13 per cent for FY2026 and 18 per cent for FY2027. The same rating was maintained by the RHB Investment Bank Bhd after Press Metal Aluminium posted its FY25 financial performance. The revision reflects expectations of firmer aluminium prices amid geopolitical support, alongside updated hedging strategies.  

Press Metal’s fortunes have been on the upward trend as the proprietor family of Koon Poh Keong and his siblings have emerged as the second-richest individuals in Malaysia, after a significant rise in their net worth over the past year, which spiked 80 per cent, reaching MYR 38.46 billion (USD 9.7 billion).

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