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Press Metal Aluminium: Scarce Cyclical Credit

We initiate our coverage on Press Metal Aluminium Holdin (PMAH MK) (“Press Metal”) with a NEUTRAL recommendation on the new PMALMK 22s. Press Metal began its operations in 1986 in peninsula Malaysia as an aluminium extrusion producer, mainly for the domestic market. Since then, it has expanded from a single-site operation to 4 production sites, and included aluminium smelting in its business. According to an AME report, the company ranks as the largest aluminium smelting operation in Southeast Asia by total production as at end-2016.

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