Guan Aluminium Co., Ltd.: There is a strong potential for a mid-year low during the year
In the first half of 2006, it achieved a revenue of RMB 1.023 billion from its main business, a year-on-year decrease of 21.73%; a net profit of RMB 22 million, a year-on-year increase of 14.55%; and a per-share return of RMB 0.06, an increase of 20%. The current net asset per share is 2.97 yuan. The board meeting recently held by the company passed a proposal on the non-public issuance of shares by the company. The number of shares to be issued will not exceed 50 million shares, and the raised funds will be used to invest in the company's 10kt/a high-purity aluminum project. After being completed and put into production, it can produce 12,247 tons of 70KA series high-purity aluminum ingots each year, which will enhance the company's competitiveness and profitability. In March this year, Xihuashengsheng Aluminum Co., Ltd., a joint venture between the company and China Aluminum, has been put into production and production capacity will gradually expand. The company's benefits are also expected to grow with the expansion of production capacity and the widening of the electrolytic aluminum-alumina price gap.
In the secondary market, the stock has adjusted extremely well with the market since May and the risk has been fully released. Non-public issuance of stocks, industry warming, and capacity expansion are expected to be an opportunity for the stock to strengthen. In the short-term, the stock is at a low point for the year, and the medium-term upside potential is relatively large and it is actively concerned.
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