Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Nanshan Aluminium International / Equity Bottom-Up

Nanshan Aluminium International (2610 HK)

<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

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Failure of a tailings dam and damage to another at the 50%-&nbsp;owned Samarco iron ore mine in Brazil, in joint venture with&nbsp;Vale, is a disaster.The environmental mess and loss of life&nbsp;dents investor confidence at a time when sentiment for BHP&nbsp;Billiton is fragile as a result of falling commodity prices.Managing director Andrew Mackenzie has responded&nbsp;admirably in trying circumstances, promptly on the ground,&nbsp;offering sincere condolences and pledging BHP's full&nbsp;support in the recovery.That said, in no way do we put a&nbsp;positive spin on the event for BHP.Analysts: Mathew Hodge &amp; Mark Taylor

Failure of a tailings dam and damage to another at the 50%-&nbsp;owned Samarco iron ore mine in Brazil, in joint venture with&nbsp;Vale, is a disaster.The environmental mess and loss of life&nbsp;dents investor confidence at a time when sentiment for BHP&nbsp;Billiton is fragile as a result of falling commodity prices.Managing director Andrew Mackenzie has responded&nbsp;admirably in trying circumstances, promptly on the ground,&nbsp;offering sincere condolences and pledging BHP's full&nbsp;support in the recovery.That said, in no way do we put a&nbsp;positive spin on the event for BHP.Analysts: Mathew Hodge &amp; Mark Taylor

BHP Billiton's Exposure to Samarco Tailings Disaster

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

BHP Billiton's Exposure to Samarco Tailings Disaster

Failure of a tailings dam and damage to another at the 50%- owned Samarco iron ore mine in Brazil, in joint venture with Vale, is a disaster.The...

Morningstar, Inc.

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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

BHP Billiton's Exposure to Samarco Tailings Disaster

Failure of a tailings dam and damage to another at the 50%- owned Samarco iron ore mine in Brazil, in joint venture with Vale, is a disaster.The...

Morningstar, Inc.

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