KUALA LUMPUR: Analysts remain bullish on Press Metal Aluminium Holdings Bhd but are revising lower their earnings forecasts to account for changing price assumptions. Kenanga Research slashed its target price on the stock to RM6.68 from RM8.63 following an earnings estimate revision on the back of expectations of more conservative aluminium prices. As such, the high aluminium price will continue to benefit Press Metal," it said. Consequently, the research firm's target price was reduced to RM7.28 from RM7.59 previously based on a price-earnings multiple of 20x on revised FY23 forecast earnings. HLIB believes Press Metal remains a "buy" with the best yet to come for Press Metal.
