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ACH - Aluminum Corporation Of China: Near-Term Positives Priced In
Aluminum Corporation of China Limited American Depositary Shares
CHALCO's net profit attributable to shareholders surged by +301% YoY to RMB416 million in 3Q 2020, driven by an increase in the price of primary aluminum and better cost control.
The new Boffa bauxite project, which commenced operations in April 2020, could help CHALCO increase its proportion of internally-sourced bauxite, optimize raw material costs and diversify raw material sourcing.
CHALCO trades at 0.82 times trailing P/B and 29.4 times consensus forward FY 2021 P/E.