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关于中国铝业 (在美国上市交易)ACH的目标价格

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Aluminum Corp. Keeps Rolling Along

Wednesday August 22, 12:47 pm ET

By Zacks Equity Research

Top supplier Aluminum Corp. of China, or Chalco (NYSE: ACH - News) retains its Buy recommendation from Zacks senior Chinese markets analyst Paul Cheung, CFA. For details, we checked his latest research report on the company:

Chalco announced strong revenue growth for the first half of 2007 mainly due to production increases of primary aluminum products. However, its net profit fell 5% due to a slip in aluminum and alumina prices. The company should continue to benefit from strong alumina and aluminum demand in China, as the company has the best-balanced value chain in the Chinese aluminum industry.

Moreover, it plans to continue to increase its production capacity aggressively. Given its overall positive prospects, we are maintaining our Buy recommendation on Chalco shares.

Based on our estimate for fiscal year 2007 earnings per ADR [American Depositary Receipt], the company is trading at 12.4x, which is slightly higher than industry mean. Using a P/E [price-to-earnings] multiple of 15.0x our fiscal year 2007 earnings per ADR estimate yields a target price of $50.00, which we believe reflects the company\'s growth prospects.