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aws试用账号(www.2km.me)_Basic materials suppliers see growing momentum on improved demand

admin2021-12-2223

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KUALA LUMPUR: Basic materials producers are bouncing back from low valuations, according to RHB Research, which said all three stocks under its coverage in the sector - Press Metal Aluminium Holdings Bhd, Cahya Mata Sarawak Bhd and Malayan Cement Bhd - have delivered positive results despite the pandemic.Moving forward, the research firm expects the trio to chart stronger earnings versus pre-pandemic levels."Overall, valuations still look appealing, with Press Metal Aluminium Holdings and Cahya Mata Sarawak trading below -1SD to their respective mean P/E multiples of 29x and 15x, whereas Malayan Cement is trading below -1SD to its historical P/BV average of 1.8x," it added.RHB's top pick of the three stocks is Press Metal, which it expects to benefit from an ongoing deficit in the global primary aluminium market.The supply shortage is likely to persist heading into 2022 as supply growth from new capacity remains capped, where demand continues to rise, it said."As such, we believe aluminium prices would have to stay higher for longer – with current prices at USD2,600-USD2,700/tonne – in order to incentivise the restarting of higher-cost idled smelters, as well as commissioning of new smelter projects to support market equilibrium going forward," it addedMeanwhile, the increase in bulk cement prices to RM275 a tonne in November should underpin Malayan Cement's recovery over subsequent quarters.The research house said the group had grappled with steeper coal feedstock prices and constrained cement demand during the recurring movement control order lockdowns.A sharp earnings rebound to RM128mil is forecast for FY22 after a milestone profitability turnaround in FY21."This should be underpinned by the aforementioned, alongside the acquisition of YTL Cement’s domestic assets, which have historically led the industry in terms of cost efficiency as well as market share," said RHB.As for Cahya Mata Sarawak, the conclusive outcome to the recent Sarawak elections should pave the way for the deployment of the state's planned infrastructure development projects heading into 2022, which bodes well for the group's traditional businesses.RHB said the group should also receive an earnings boost from rising contributions from its diversified portfolio of strategic investments across various industrials and services sectors, especially its ferroalloy-producing associate.The brokerage noted that it is also a positive that most of the management team's vacated senior positions have been filled, apart from the group CFO role.However, RHB cautioned that a resurgence of Covid-19 could put a wrench in the outlook.Other downside risks include a deterioration in global macroeconomic conditions as well as unfavourable raw material and forex fluctuations

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