Chalco Cutting Costs on All Fronts; Shares Remain Overvalued
No-moat Aluminum Corporation of China, or Chalco, reported 2016 net profit of CNY 402 million, a significant improvement from 2015’s CNY 149 million and was in line with management guidance. Nevertheless, excluding non-recurring items, the firm still made a core loss of CNY 364 million. On a positive note, Chalco achieved a core net profit of CNY 504 million in the fourth quarter of 2016 due to improving aluminum prices and effective cost control. We have previously assumed in our base-case scen...
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