KUALA LUMPUR (April 24): Shares of Press Metal Aluminium Holdings Bhd (KL:PMETAL) rose to a record high on Friday, solidifying its ranking as the sixth most valuable company on Bursa Malaysia by market capitalisation. 

The stock rose as much as 41 sen or 5.08% to an intraday high of RM8.48. At market close, it was up 35 sen or 4.34% at RM8.42, with some 21.69 million shares traded.  

At the closing price, Press Metal is valued at RM69.38 billion, placing it behind several banking, utility and healthcare heavyweights. Malayan Banking Bhd (KL:MAYBANK) remained the largest listed company with a market capitalisation of RM134.98 billion, followed by Public Bank Bhd (KL:PBBANK) (RM93.37 billion), Tenaga Nasional Bhd (KL:TENAGA) (RM85.46 billion), CIMB Group Holdings Bhd (KL:CIMB) (RM84.26 billion) and IHH Healthcare Bhd (KL:IHH) (RM77.93 billion). 

Press Metal’s market capitalisation has increased by RM9.97 billion from RM59.41 billion on March 2, the first trading day after US and Israel attacks on Iran, when the stock traded at RM7.21.

The stock has gained more than 19% so far this year, supported by stronger aluminium prices, which have climbed above US$3,400 (RM13,489.50) per metric tonne (mt) amid the US-Iran conflict. Prices on the London Metal Exchange stood at US$3,610.25 per mt at the time of writing.

“We expect 2026 to be a banner year for Press Metal’s sales and profits,” private investor Ian Yoong Kah Yin told The Edge, noting that the closure of the Strait of Hormuz has forced major Gulf smelters, including Aluminium Bahrain and Emirates Global Aluminium, to scale back production, tightening global supply. 

Smelter restarts typically take six to 15 months, which is supportive of aluminium prices and, in turn, Press Metal, he said. 

Hong Leong Investment Bank Bhd (HLIB) upgraded Press Metal to “buy” and raised its earnings forecasts by 13% for the financial year ending Dec 31, 2026 (FY2026) and 18% for FY2027, citing stronger aluminium prices driven by geopolitical tailwinds as well as revised hedging positions, according to a note dated March 25.

The research house said Press Metal has hedged about 65% of its aluminium output at between US$2,750 and US$2,800 per mt, providing earnings visibility, while the remaining 35% of unhedged volumes offers upside exposure to prevailing spot prices.

In addition, the recent rise in Main Japanese Port (MJP) premiums — the benchmark surcharge for imported aluminium across Asia — is expected to further lift realised average selling prices. MJP premiums have risen sharply and are projected to sustain at around US$300 per mt, it added.

“Besides, we gather that Press Metal is seeing an increase in orders from the Asia Pacific region, as customers seek immediate replacements amid supply disruptions in the Middle East,” HLIB added.