1、 Watchlist the stock on Insights Direct to receive prompt updates ed-BM/sa-CS/AH BUYBUY (Upgrade from HOLD)Last Traded PriceLast Traded Price (25 Sep 202425 Sep 2024):HKD11.22 (HSIHSI :19,129)Price Target Price Target 1212-mthmth:HKD13.90(24%upside)(Prev HKD10.00)Analyst Tina Hu+86 21 38562893 View

2、our full data-driven analysis and more at DBS Insights Direct Whats New Upgrade to BUY,TP raised to Upgrade to BUY,TP raised to HKD13.9,based on 1.1x FY25F P/B HKD13.9,based on 1.1x FY25F P/B against 19.5%against 19.5%ROE in FY25FROE in FY25F Worlds top player with 8%of global capacity,equipped with

3、 an Worlds top player with 8%of global capacity,equipped with an integrated value chain with secured overseas bauxite supplyintegrated value chain with secured overseas bauxite supply Earnings to remain elevated from FY24Earnings to remain elevated from FY24-26F on strong aluminium 26F on strong alu

4、minium prices due to supply prices due to supply constraints constraints and cost advantageand cost advantages s from from cheap hydropowercheap hydropower Trading attractively at 0.Trading attractively at 0.9 9x x forward forward P/BV and P/BV and 4.84.8x x forward forward P/E,P/E,with a high divid

5、end yield of c.10%with a high dividend yield of c.10%Price Relative Forecasts and Valuation FY Dec(RMBm)2023A 2024F 2025F 2026F Turnover 133,624 148,086 154,100 159,082 EBITDA 26,108 40,365 41,424 42,014 Pre-tax Profit 15,890 29,001 29,983 30,683 Net Profit 11,461 19,793 20,778 21,539 Net Pft(Pre Ex

6、)(core profit)11,461 19,793 20,778 21,539 Net Profit Gth(Pre-ex)(%)31.7 72.7 5.0 3.7 EPS(RMB)1.21 2.09 2.19 2.27 EPS(HKD)1.30 2.25 2.36 2.45 EPS Gth(%)29.3 72.7 5.0 3.7 Diluted EPS(HKD)1.30 2.25 2.36 2.45 DPS(HKD)0.68 1.24 1.18 1.22 BV Per Share(HKD)10.47 11.49 12.66 13.89 PE(X)8.6 5.0 4.8 4.6 P/Cas