Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Nanshan Aluminium International Holdings / Equity Bottom-Up

<ul>
<li>Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.</li>
<li>Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.</li>
<li>Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.</li>
</ul>


Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.
Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.
Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.


Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alcoa delivered a solid result and managed an all-around beat in the last quarter.</li><li>The company had a mixed last quarter and reported slightly higher revenue and increased shipments but experienced challenges due to market conditions.</li><li>Despite lower alumina and aluminum prices, they improved net loss due to the nonrecurrence of specific charges.</li></ul>

Alcoa delivered a solid result and managed an all-around beat in the last quarter.The company had a mixed last quarter and reported slightly higher revenue and increased shipments but experienced challenges due to market conditions.Despite lower alumina and aluminum prices, they improved net loss due to the nonrecurrence of specific charges.

Alcoa Corp: New Carbon Capture Technology & Other Developments

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.</li>
<li>Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.</li>
<li>The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.
Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.
The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.


Amman Mineral Internasional IPO: The Investment Case

<ul><li>AlcAlcoa Corporation's first quarter of 2023 was a disaster as the company failed to meet the revenue expectations of Wall Street and delivered wider-than-expected losses.</li><li>Its revenues remained flat at $2.7 billion on lower shipments, realized prices were higher for both aluminum and alumina, with aluminum up 7% and alumina up 8% sequentially.</li><li>Besides, Alcoa announced the addition of some grades of non-metallurgical alumina to the company's EcoSource low-carbon alumina brand.</li></ul>

AlcAlcoa Corporation's first quarter of 2023 was a disaster as the company failed to meet the revenue expectations of Wall Street and delivered wider-than-expected losses.Its revenues remained flat at $2.7 billion on lower shipments, realized prices were higher for both aluminum and alumina, with aluminum up 7% and alumina up 8% sequentially.Besides, Alcoa announced the addition of some grades of non-metallurgical alumina to the company's EcoSource low-carbon alumina brand.

Alcoa Corporation: Expansion of EcoSource Low-carbon Alumina Brand & Other Drivers

<ul><li>Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices.</li><li>Global events impacted the price of energy and raw commodities.</li><li>The company successfully finished the safe restart of its Portland Aluminum Joint Venture smelter in the Australian state of Victoria.</li></ul>

Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices.Global events impacted the price of energy and raw commodities.The company successfully finished the safe restart of its Portland Aluminum Joint Venture smelter in the Australian state of Victoria.

Alcoa Corp: New Brazil Facility & Other Developments

United States

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

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Alcoa (AA US)

Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.

Rahul Jain

Alcoa Corp: New Carbon Capture Technology & Other Developments

Alcoa delivered a solid result and managed an all-around beat in the last quarter. The company had a mixed last quarter and reported slightly...

Baptista Research

Amman Mineral Internasional IPO: The Investment Case

The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability,...

Arun George

Alcoa Corporation: Expansion of EcoSource Low-carbon Alumina Brand & Other Drivers

AlcAlcoa Corporation's first quarter of 2023 was a disaster as the company failed to meet the revenue expectations of Wall Street and delivered...

Baptista Research

Alcoa Corp: New Brazil Facility & Other Developments

Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices. Global events impacted the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

​Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.

Rahul Jain

Alcoa Corp: New Carbon Capture Technology & Other Developments

Alcoa delivered a solid result and managed an all-around beat in the last quarter. The company had a mixed last quarter and reported slightly...

Baptista Research

Amman Mineral Internasional IPO: The Investment Case

The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability,...

Arun George

Alcoa Corporation: Expansion of EcoSource Low-carbon Alumina Brand & Other Drivers

AlcAlcoa Corporation's first quarter of 2023 was a disaster as the company failed to meet the revenue expectations of Wall Street and delivered...

Baptista Research

Alcoa Corp: New Brazil Facility & Other Developments

Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices. Global events impacted the...

Baptista Research

Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.