Financials Press Metal Aluminium Holdings

Equities

PMETAL

MYL8869OO009

Aluminum

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
5.35 ^MYR	-1.47%		-1.65%	+11.23%

Apr. 18	Press Metal Aluminium Seeks Renewal of Share Buyback, Revenue-Generating Transaction Authority	MT
Feb. 28	Press Metal Aluminium Holdings Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	19,082	18,777	33,880	46,681	40,209	44,082	44,082	-
Enterprise Value (EV) ¹	21,841	22,130	38,329	52,655	44,699	43,013	46,247	44,890
P/E ratio	30.5 x	39.7 x	74.1 x	45.3 x	28.2 x	32.6 x	28.2 x	23.5 x
Yield	1.35%	1.08%	0.51%	0.65%	1.38%	1.46%	1.44%	1.7%
Capitalization / Revenue	2.08 x	2.19 x	4.49 x	4.25 x	2.56 x	2.87 x	2.99 x	2.88 x
EV / Revenue	2.38 x	2.59 x	5.08 x	4.79 x	2.85 x	3.12 x	3.14 x	2.93 x
EV / EBITDA	15.1 x	19 x	31.9 x	26.9 x	17.2 x	18.4 x	17.3 x	14.8 x
EV / FCF	25.8 x	37.1 x	212 x	-84.9 x	30.8 x	21.1 x	31.7 x	21 x
FCF Yield	3.87%	2.69%	0.47%	-1.18%	3.25%	4.74%	3.15%	4.77%
Price to Book	5.81 x	5.12 x	8.28 x	11.9 x	6.03 x	5.73 x	5.51 x	4.75 x
Nbr of stocks (in thousands)	7,901,400	8,076,219	8,076,219	8,076,219	8,239,618	8,239,618	8,239,618	-
Reference price ²	2.415	2.325	4.195	5.780	4.880	5.350	5.350	5.350
Announcement Date	2/26/19	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	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	9,159	8,559	7,539	10,994	15,692	13,803	14,737	15,298
EBITDA ¹	1,442	1,162	1,201	1,960	2,601	2,337	2,673	3,030
EBIT ¹	1,053	800	780.4	1,529	2,024	1,670	2,088	2,458
Operating Margin	11.49%	9.35%	10.35%	13.91%	12.9%	12.1%	14.17%	16.07%
Earnings before Tax (EBT) ¹	874.7	632.7	650.2	1,449	1,971	1,632	2,175	2,545
Net income ¹	630	471	457.2	1,030	1,418	1,214	1,566	1,853
Net margin	6.88%	5.5%	6.06%	9.37%	9.04%	8.8%	10.62%	12.11%
EPS ²	0.0792	0.0586	0.0566	0.1276	0.1730	0.1474	0.1900	0.2273
Free Cash Flow ¹	845.6	596	180.9	-620.3	1,451	2,038	1,457	2,140
FCF margin	9.23%	6.96%	2.4%	-5.64%	9.24%	14.76%	9.89%	13.99%
FCF Conversion (EBITDA)	58.64%	51.29%	15.06%	-	55.78%	87.2%	54.51%	70.63%
FCF Conversion (Net income)	134.23%	126.54%	39.57%	-	102.28%	167.79%	93.06%	115.48%
Dividend per Share ²	0.0325	0.0250	0.0212	0.0375	0.0675	0.0700	0.0772	0.0908
Announcement Date	2/26/19	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	2024 Q2	2024 Q3	2024 Q4
Net sales	-	3,845	3,918	3,072	3,758	-	-	-	-
EBITDA	-	611.9	517.7	585.5	588	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	449.5	346.5	392.8	412.3	-	-	-	-
Net income ¹	409.2	315.8	-	-	-	334.4	339.7	339.7	340.5
Net margin	-	8.21%	-	-	-	-	-	-	-
EPS ²	0.0497	-	-	-	-	0.0411	0.0412	0.0412	0.0413
Dividend per Share ²	-	-	-	-	-	0.0206	0.0206	0.0206	0.0206
Announcement Date	8/25/22	11/29/22	2/24/23	5/30/23	8/29/23	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,759	3,352	4,449	5,975	4,489	3,381	2,165	809
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.913 x	2.884 x	3.704 x	3.049 x	1.726 x	1.447 x	0.8102 x	0.2669 x
Free Cash Flow ¹	846	596	181	-620	1,451	2,038	1,457	2,140
ROE (net income / shareholders' equity)	22.9%	13.9%	11.8%	26.1%	27%	17.9%	20.1%	20.8%
ROA (Net income/ Total Assets)	7.8%	5.41%	4.33%	7.88%	9.61%	7.93%	10.3%	10.7%
Assets ¹	8,073	8,700	10,553	13,076	14,764	15,318	15,138	17,282
Book Value Per Share ²	0.4200	0.4500	0.5100	0.4800	0.8100	0.8400	0.9700	1.130
Cash Flow per Share ²	-	-	-	0.0500	0.2600	0.3300	0.2200	0.3100
Capex ¹	297	1,048	1,079	1,001	665	702	507	504
Capex / Sales	3.24%	12.25%	14.31%	9.11%	4.24%	5.09%	3.44%	3.29%
Announcement Date	2/26/19	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

OUTPERFORM

Number of Analysts

Last Close Price

5.35 MYR

Average target price

5.376 MYR

Spread / Average Target

+0.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Primary Aluminum Production

	1st Jan change	Capi.
PRESS METAL ALUMINIUM HOLDINGS	+11.23%	9.25B
CHINA HONGQIAO GROUP LIMITED	+73.08%	13.39B
YUNNAN ALUMINIUM CO., LTD.	+20.05%	7.02B
SHANDONG NANSHAN ALUMINIUM CO.,LTD.	+17.01%	5.56B
UNITED COMPANY RUSAL, INTERNATIONAL	-0.37%	5.22B
ALUMINIUM BAHRAIN B.S.C.	+10.92%	4.77B
QATAR ALUMINIUM MANUFACTURING COMPANY Q.P.S.C.	+1.14%	2.17B
CENTURY ALUMINUM COMPANY	+48.02%	1.67B
KAISER ALUMINUM CORPORATION	+33.33%	1.51B
JIAOZUO WANFANG ALUMINUM MANUFACTURING CO., LTD	+38.26%	1.31B

Primary Aluminum Production