Affin Hwang cuts earnings forecast on Press Metal, downgrades to 'hold'

KUALA LUMPUR: Weaker aluminium prices could continue to weigh on Press Metal Aluminium Holdings Bhd's prospects following the group's 2019 earnings decline, says Affin Hwang Capital research.

"While we believe its capacity expansion will drive the group’s earnings growth in 2020-21E, the uncertainties in the global aluminium market will continue to weigh down aluminium prices, posing downside risk to the group’s earnings," it said.