Financials Press Metal Aluminium Holdings

Equities

PMETAL

MYL8869OO009

Aluminum

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
6.03 ^MYR	+1.34%		+1.17%	+25.36%

Jun. 21	Press Metal Aluminium Sheds 25% Stake in PT Bintan Alumina Indonesia in Share Swap Deal	MT
Jun. 20	Hong Kong Prime Aluminium Investment Limited agreed to acquire 25% stake in PT Bintan Alumina Indonesia from Press Metal Aluminium Holdings Berhad for $330 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,777	33,880	46,681	40,209	39,633	49,685	-	-
Enterprise Value (EV) ¹	22,130	38,329	52,655	44,699	43,013	52,064	51,319	50,796
P/E ratio	39.7 x	74.1 x	45.3 x	28.2 x	32.6 x	26.4 x	23.7 x	22.6 x
Yield	1.08%	0.51%	0.65%	1.38%	1.46%	1.53%	1.81%	1.93%
Capitalization / Revenue	2.19 x	4.49 x	4.25 x	2.56 x	2.87 x	3.23 x	3.14 x	3.09 x
EV / Revenue	2.59 x	5.08 x	4.79 x	2.85 x	3.12 x	3.38 x	3.24 x	3.15 x
EV / EBITDA	19 x	31.9 x	26.9 x	17.2 x	18.4 x	16.5 x	15.1 x	14.2 x
EV / FCF	37.1 x	212 x	-84.9 x	30.8 x	21.1 x	29 x	20.9 x	22.1 x
FCF Yield	2.69%	0.47%	-1.18%	3.25%	4.74%	3.45%	4.78%	4.53%
Price to Book	5.12 x	8.28 x	11.9 x	6.03 x	5.73 x	6.18 x	5.36 x	4.73 x
Nbr of stocks (in thousands)	8,076,219	8,076,219	8,076,219	8,239,618	8,239,618	8,239,618	-	-
Reference price ²	2.325	4.195	5.780	4.880	4.810	6.030	6.030	6.030
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,559	7,539	10,994	15,692	13,803	15,399	15,826	16,104
EBITDA ¹	1,162	1,201	1,960	2,601	2,337	3,157	3,396	3,570
EBIT ¹	800	780.4	1,529	2,024	1,670	2,538	2,641	2,897
Operating Margin	9.35%	10.35%	13.91%	12.9%	12.1%	16.48%	16.69%	17.99%
Earnings before Tax (EBT) ¹	632.7	650.2	1,449	1,971	1,632	2,565	2,852	2,989
Net income ¹	471	457.2	1,030	1,418	1,214	1,864	2,062	2,142
Net margin	5.5%	6.06%	9.37%	9.04%	8.8%	12.11%	13.03%	13.3%
EPS ²	0.0586	0.0566	0.1276	0.1730	0.1474	0.2285	0.2542	0.2672
Free Cash Flow ¹	596	180.9	-620.3	1,451	2,038	1,794	2,455	2,301
FCF margin	6.96%	2.4%	-5.64%	9.24%	14.76%	11.65%	15.52%	14.29%
FCF Conversion (EBITDA)	51.29%	15.06%	-	55.78%	87.2%	56.83%	72.31%	64.45%
FCF Conversion (Net income)	126.54%	39.57%	-	102.28%	167.79%	96.24%	119.08%	107.41%
Dividend per Share ²	0.0250	0.0212	0.0375	0.0675	0.0700	0.0921	0.1089	0.1167
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2024 Q1
Net sales ¹	-	3,845	3,918	3,072	3,758	3,617
EBITDA ¹	-	611.9	517.7	585.5	588	685.9
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT)	-	449.5	346.5	392.8	412.3	-
Net income ¹	409.2	315.8	-	-	-	408
Net margin	-	8.21%	-	-	-	11.28%
EPS	0.0497	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/25/22	11/29/22	2/24/23	5/30/23	8/29/23	5/30/24

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,352	4,449	5,975	4,489	3,381	2,379	1,634	1,111
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.884 x	3.704 x	3.049 x	1.726 x	1.447 x	0.7534 x	0.4811 x	0.3112 x
Free Cash Flow ¹	596	181	-620	1,451	2,038	1,794	2,455	2,301
ROE (net income / shareholders' equity)	13.9%	11.8%	26.1%	27%	17.9%	24.5%	23.6%	21.9%
ROA (Net income/ Total Assets)	5.41%	4.33%	7.88%	9.61%	7.93%	12.1%	12.3%	12.1%
Assets ¹	8,700	10,553	13,076	14,764	15,318	15,466	16,803	17,744
Book Value Per Share ²	0.4500	0.5100	0.4800	0.8100	0.8400	0.9800	1.120	1.280
Cash Flow per Share ²	-	-	0.0500	0.2600	0.3300	0.2300	0.3600	0.3900
Capex ¹	1,048	1,079	1,001	665	702	557	566	934
Capex / Sales	12.25%	14.31%	9.11%	4.24%	5.09%	3.62%	3.58%	5.8%
Announcement Date	2/24/20	2/24/21	2/25/22	2/24/23	2/28/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Press Metal Aluminium Holdings

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.03 MYR

Average target price

6.246 MYR

Spread / Average Target

+3.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Primary Aluminum Production

	1st Jan change	Capi.
PRESS METAL ALUMINIUM HOLDINGS	+25.36%	10.5B
YUNNAN ALUMINIUM CO., LTD.	+15.06%	6.74B
SHANDONG NANSHAN ALUMINIUM CO.,LTD.	+38.10%	6.57B
UNITED COMPANY RUSAL, INTERNATIONAL	-10.37%	4.84B
ALUMINIUM BAHRAIN B.S.C.	-0.61%	4.29B
QATAR ALUMINIUM MANUFACTURING COMPANY Q.P.S.C.	-4.07%	2.06B
CENTURY ALUMINUM COMPANY	+58.98%	1.74B
KAISER ALUMINUM CORPORATION	+33.98%	1.49B
GRÄNGES AB	+17.33%	1.39B
JIAOZUO WANFANG ALUMINUM MANUFACTURING CO., LTD	+13.57%	1.09B

Primary Aluminum Production