报告名称：Aluminum Corporation of China(02600.HK)A-share placement helps ease high debt bu
报告类型：港股研究
报告日期：2015-06-18
研究机构：摩根大通银行
股票名称：中国铝业
股票代码：ACH,601600,02600
页数：11
简介：Chalco’s A-share placement offers some relief from its high debt burdenand reduces its loss per share to existing shareholders. However, withaluminium prices back near 12-month lows in an oversupplied domesticmarket, we believe the company’s high-cost assets will continue tostruggle in losses. Given the c17% YTD H-share rally (versus HSCEI’s12%), we believe much of Chalco’s restructuring story is now priced in.Reiterate Underweight.

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