UBS: Chinalco 1Q26 Net Profit Near Upper End of Profit Guidance, Maintains Buy Rating
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UBS reported that Chinalcoachieved a net profit of RMB5.527 billion in 1Q26, a 56% YoY increase, nearing the upper limit of its profit guidance. This profit represents 22% of the full-year earnings forecast. The aluminum industry's average gross margin rose significantly, and production costs declined. UBS maintains a Buy rating on Chinalco with a target price of HKD17.5, expecting a positive market reaction to the results.
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