KUALA LUMPUR: RHB Research has maintained its Buy call on Press Metal
with a fair value of RM8.30 from RM7.38 and continues to like the group as it is a world-class low-cost smelter in the first quartile of the global cost curve that is set to leverage on the bottoming out of aluminium prices.
In a note on Wednesday, the research house said besides improved profitability, its loan repayment using proceeds from the disposal of a 20% stake in Samalaju smelter had cut its net gearing to 1.08 times from 1.83 times in 1QFY14.
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