Chalco’s Core Loss in First Nine Months Within Expectation; No Change in FVE
No-moat Aluminum Corporation of China, or Chalco, reported net profit of CNY 108 million in the first nine months of 2016, compared with a net loss of CNY 975 million a year ago. However, stripping out government grants of CNY 601 million and other gains of CNY 375 million (mainly from disposals of assets), the firm is still making a core loss of CNY 867 million. We have assumed in our base-case scenario that Chalco will be loss-making during our explicit five-year forecast period. As such, we k...
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