Chalco’s 1Q Earnings Below Expectations; Shares Remain Overvalued
No-moat Aluminum Corporation of China, or Chalco, reported first-quarter net profit of CNY 391 million, a significant improvement from the break-even level a year ago. Although the earnings account for just 14% of our forecast, we think the firm could catch up, as coal prices are falling while supply-side reform is still ongoing. We are particularly impressed that Chalco achieved a core net profit of CNY 351 million from a core loss of CNY 609 million a year ago, even without government subsidie...
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