Summary United Company RUSAL Plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights United Company RUSAL Plc (RUSAL), a subsidiary of En+ Group plc, is an integrated aluminium manufacturer. It manufactures and markets aluminium sheets, bauxite, gallium, silicon, ingot, wire ro...
Awaiting Powell's Speech Today and CPI Thursday We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023. We see the top-end of the range at 4100-4165 on the S&P 500, while the bottom-end is at the 2022 lows (3490). In our view, reducing risk near resistance and adding risk near support will be key to outperforming in 2023 (alongside Sector/stock selection). Shorter...
Risk Appetites Improving While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites. Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors; the fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls. Risk-On Signals. We are seei...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Testing Key Resistance; Downgrading Health Care Throughout this recent consolidation phase we have maintained our belief that ongoing positive market dynamics tell us the pullback is likely to be contained and therefore should be viewed as a buying opportunity -- this remains our core belief. Now, the S&P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) have all rallied to logical resistance; if they are able to break above and stay above their respective resistance levels it would signal the end ...
More Room To Run; Downgrading Utilities Ongoing bullish market dynamics and an absence of breakdowns for major indexes and Sectors continue to support our bullish outlook. As we explain below, new risk-on signals coming from emerging market equities, commodities, and Treasuries continue to be of the bullish variety. We believe this suggests equities have plenty of room to run higher; buy dips. · S&P 500, Nasdaq 100, Russell 2000. Key support levels we are watching on the S&P 500 includ...
Market Too Good To Be True? Our outlook remains bullish and we continue to recommend adding exposure on pullbacks. At the moment it is difficult to point to any problems in the market aside from increasingly bullish sentiment from market participants and the worry that things are getting overheated and over-extended. Of course, at some point this almost too good to be true scenario is likely to result in a 7-15% pullback, but for now we see no signs of this rally letting up. Additionally, this ...
Bullish Outlook Intact Our outlook remains bullish as market dynamics continue to suggest the path of least resistance remains higher for US and foreign equities. Continue to buy dips. · S&P 500. The S&P 500 continues to consolidate/back-and-fill, something we suggested in our 11/10/20 Compass as likely to happen following the ~9% gains in the week surrounding the election which resulted in a bullish reversal. We view recent consolidation following the bullish reversal as healthy as th...
KEY HIGHLIGHTS CHINA Strategy Alpha Picks: May Conviction Calls Add CCB, Wuxi Biologics and Xiabuxiabu to our BUY list. Sector Property Weekly: A mix of tightening and easing policies. Results China Shineway Pharmaceutical (2877 HK/SELL/HK$7.62/Target: HK$7.11) 1Q19: Weak momentum may last through 1H19. TRADERS’ CORNER Xinyi Glass (868 HK): Trading Sell Range CHALCO (2600 HK): Trading Sell Range
No-moat Aluminum Corporation of China, or Chalco, has announced that it plans to introduce new investors to its subsidiaries by capital contribution through cash and a debt-to-equity swap. Although we think this move will reduce Chalco’s gearing and provides much-needed working capital for its operations, we think the firm remains overvalued, on the back of our bearish view on market dynamics weighing on the long-term aluminum price. As such, we retain our fair value estimate of USD 3.00 per A...
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...
Amid a substantial rally, aluminum spot prices have reached their highest level since February 2013. Prices have moved higher because of better-than-expected aluminum demand as well as the perceived benefits of capacity reductions in China. We believe investors have become overly enthusiastic on both counts. Instead, we forecast a significant deceleration in aluminum demand growth and anticipate that the impact of capacity cuts will prove far overstated. Accordingly, we forecast a long-term alum...
No-moat Aluminum Corporation of China, or Chalco, reported first-half net profit of CNY 751 million, a significant improvement from CNY 68 million a year ago. Although earnings still fell short of our expectations, we expect Chalco’s near-term share price to be supported by a stronger second-half outlook due to supply-side reform in the aluminum sector. We cut our 2017 net profit forecast by 36% to take into account higher operating costs. Accordingly, we lower our fair value estimate to USD 2...
No-moat Aluminum Corporation of China, or Chalco, reported first-half net profit of CNY 751 million, a significant improvement from CNY 68 million a year ago. Although earnings still fell short of our expectations, we expect Chalco’s near-term share price to be supported by a stronger second-half outlook due to supply-side reform in the aluminum sector. We cut our 2017 net profit forecast by 36% to take into account higher operating costs. Accordingly, we lower our fair value estimate to USD 2...
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...
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 sc...
We are updating our methodology for extreme-uncertainty stocks to introduce a margin of safety for a 5-star rating of a 75% discount and for a 1-star rating a 300% premium. Extreme-uncertainty stocks will carry a 3-star rating when they trade between a 50% discount and a 150% premium. As is the case for all stocks, a 5-star rating will indicate our expectation that returns are highly likely to exceed a firm's cost of equity over a multiyear time frame. A 3-star rating indicates our belief that i...
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