Press Metal faces lower earnings prospects as Phase 3 smelter could be delayed

KUALA LUMPUR: The commissioning of Press Metal Aluminium Holdings Bhd's Phase 3 aluminium smelter in Samalaju may be delayed to the first quarter of 2021 due to the movement control order putting a halt on construction works.

Affin Hwang Capital research, which has a sell call on Press Metal, slashed its earnings forecasts by 8% to 18% to account for the delay in the completion of the Phase 3 smelter and expected prolonged weak global demand.