Earnings forecasts cut for Press Metal

HNG has agreed to sell, and PM Bintulu has agreed to purchase 100% of the issued and paid-up share capital of LUA, which would result in LUA being a wholly owned subsidiary of PM Bintulu.(File pic shows a Press Metal factory in Sarawak)

PETALING JAYA: AmInvestment Research has cut its earnings forecasts for Press Metal Aluminium Holdings Bhd on negative events impacting its supply of alumina, a raw material in the production of aluminium.

In a report, it maintained its “hold” call on the counter and trimmed its fair value by 7% to RM3 from RM3.23 previously, based on 13x revised FD FY19 forecast earnings per share.