Citi Reiterates Buy on Aluminum Corporation of China After 1Q Net Profit +56%, Remains Sector Top Pick
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Citi has reiterated its Buy rating on Aluminum Corporation of Chinafollowing a 56% year-on-year increase in net profit to RMB5.527 billion for Q1 2026, with a significant 207% quarter-on-quarter surge. The target price is set at HKD15.94, based on a projected 2.81x price-to-book ratio for 2026. Citi anticipates positive guidance from management during upcoming investor meetings and believes the market has underestimated the impact of aluminum supply disruptions due to the Iran conflict. Aluminum Corporation of China is considered Citi's top pick in the sector.
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