0256 GMT - Press Metal Aluminium's joint-venture project for an alumina refinery in Indonesia appears positive, as it could help secure the company's alumina supply, Kenanga IB analyst Teh Kian Yeong says in a note. With another two investments in alumina refinery by Press Metal, the company could ensure 75% of its alumina requirement is locked in, he says. This new venture could also improve its raw-material security and offer logistics savings, he adds. Kenanga maintains an outperform rating on Press Metal and keeps the target price at MYR5.80. Shares are 1.2% higher at MYR4.91. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
September 18, 2024 22:56 ET (02:56 GMT)
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