Press Metal Aluminium Holdings Bhd continues to benefit from supply constraints, easing input costs, and its low-carbon edge. Maybank Investment Bank (Maybank IB) Research has reaffirmed its “buy” rating on the company, lifting its target price (TP) by 12 per cent to RM6.34 per share from RM5.64, valuing it at 25 times earnings for the financial year ending Dec 31, 2026 (FY26).
Operational performance & market overview
Maybank IB Research noted that plant utilisation rose to 96–97 per cent in the second quarter of 2025 (2Q25), following the full restoration of operations at Samalaju in March 2025 after the September 2024 fire incident. While geopolitical risks could temper demand, the research house highlighted that slower supply growth of 1–1.5 per cent in 2025, compared to 3.2 per cent in 2024, is likely to support aluminium prices.
“We remain positive on Press Metal’s outlook, underpinned by tight aluminium supply and its low-carbon advantage from hydropower,” Maybank IB Research noted.
