-
Morgan raises Chalco (02600) to HK$8
Morgan Stanley raised its target price for Chalco (02600) to HK$8 from HK$4.7
and maintained its "overweight" rating. The research house lifted its alumina price
assumptions by 12-16% in 2017-19 versus 3-9%
in aluminium price, as it expects net shortage of alumina this winter in "2+26" regions, 
plus tight bauxite supply under environmental control, providing more upside for alumina.
  Morgan also factored in a 720Kt alumina volume decline expected by the company due to
winter production cuts in Shandong. However, it believes the company has been ramping up 
alumina capacity since 3Q amid strong alumina price rally, which could more than offset
volume decline. This results in increases of 31%, 83% and 62% in Morgan's 2017-19 EPS
forecasts

Comments

Post a Comment

Popular posts from this blog

-
CLSA lowers Beijing Ent Water (00371) to HK$6   CLSA cut its target price for Beijing Enterprises Water (BEW)(00371) by 8% to HK$6, and reiterated its "buy" rating.   The research house said BEW's share price has dropped 14% in the last two trading days. First, the 2017 earnings results are below expectations. Second, management is guiding for 20-25% net profit growth for 2018, versus 30% in the past few years. Management now has a cautious approach to water PPP (public-private partnership) projects, which is not  necessarily bad.   CLSA cut its 2018-19 earnings forecasts by 19%. At the current level, it believes many  of the negatives are already priced-in.
Read more
-
HSBC HOLDINGS Appoints Malaysia CEO as Asia-Pacific One-Belt-One-Road Biz Manager  HSBC HOLDINGS(00005.HK)    +1.150 (+1.574%)    Short selling $311.30M; Ratio 15.773%   announced that Malaysia CEO Mukhtar Hussain was appointed to the newly created position of head of Belt and Road initiative in Asia Pacific, effective from 1 July.
Read more
-
Image
WKK INTL (HOLD) (00532.HK)    +0.100 (+15.152%)      announced the results for its subsidiary, Taiwan Kong King, for the nine months ended September 2014. The unaudited combined after-tax net profit decreased 30.26% to $12.239 million, compared with the same period last year. Revenue amounted to $177 million.
Read more