Press Metal Aluminium Holdings Bhd shares rose 0.75% to RM8.03 as of 3:58pm on Friday, as investors continued to weigh the group’s outlook against a positive view from RHB Research on the aluminium market.
The counter opened at RM7.90 and climbed to an intraday high of RM8.05 before settling at RM8.03. It had closed at RM7.97 previously, while the day’s low stood at RM7.90.
Trading volume stood at 1.80 million shares, with the stock quoted at RM8.02 on the buy side and RM8.03 on the sell side.
The gain comes after RHB Research maintained its OVERWEIGHT call on the basic materials sector, with Press Metal remaining its top pick as a structural aluminium supply deficit is expected to keep prices elevated.
RHB expects the aluminium market to remain in a deficit of around 900,000 to one million tonnes in 2026, while demand recorded a marginal year-on-year improvement in the first half of the year.
The research house also expects Press Metal to deliver stronger results in 2H26, supported by the lag in aluminium pricing, lower alumina and logistics costs and a higher Main Japanese Ports premium contracted at US$395 per tonne.
RHB maintained its aluminium price assumptions at US$3,250 per tonne for 2026 and US$3,050 for 2027, noting that the year-to-date average of US$3,329 was around 2% above its 2026 assumption.
Longer term, RHB sees Press Metal’s 80%-owned Kalimantan Alumina Nusantara project as a major catalyst, with commissioning scheduled for 2Q27. Once expanded, the project could lift the group’s alumina self-sufficiency to almost 100%, potentially supporting a material improvement in smelting margins.
RHB believes the combination of elevated aluminium prices and structural supply tightness could justify a re-rating of Press Metal above its historical mean.
