KUALA LUMPUR: Affin Hwang Capital Research has upgraded Press Metal
from Hold to Buy with a target price of RM5.35, based on a higher 2020 price-to-earnings ratio (PER) target of 33 times.
It said on Friday Press Metal is prepped for a two-year core EPS CAGR of 38% in FY20-21E, underpinned by new aluminium production capacity which will start in October 2020, maiden earnings contribution from its investment in PT Bintan Alumina Indonesia and a weak ringgit.
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