Chalco’s Nine-Month Results Beat Expectation on Higher Product Prices; Eyes on Restructuring
No-moat Aluminum Corporation of China, or Chalco, reported net profit of CNY 1.4 billion in the first nine months of 2017, compared with CNY 124 million a year ago. Although we still forecast materially lower alumina and aluminum prices over the long term, prices rallied substantially during the third quarter, driving Chalco's earnings above our prior expectations. Having updated our valuation model to reflect higher average selling prices than we previously anticipated in 2017 and 2018, we now ...
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