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<Research>M Stanley Rates CHALCO as Overweight; 1Q NP in Line
Recommend
16
Positive
20
Negative
12
CHALCO (02600.HK)'s 1Q26 net profit grew by 56% YoY to RMB5.5 billion, reaching the upper end of the company's preliminary earnings guidance, according to a Morgan Stanley research report.

Gross margin also saw an expansion to 24% from 14% in 1Q25, while the net gearing ratio fell to 14% from 25% in the same period last year. Financing costs declined by 3% YoY.

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Morgan Stanley gave CHALCO an Overweight rating and a target price of HKD18.1.
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