业绩已经上来了，但估值还停留在旧认知（低PE）

在稳定现金流、健康资产负债表、持续盈利的基础上，当前估值明显偏低。一旦市场从“传统制造”转向“高质量盈利企业”的认知，估值重估（re-rating）才是主升逻辑

一句话总结：低PE不是因为没价值，而是市场还没看懂。

很多人把 LB Aluminium Berhad 当成中下游=利润稳定但没弹性，其实是误判。

LB 不是吃铝价的被动玩家，而是有定价与订单结构优化能力的加工企业，利润是“可管理”的。
近期业绩已经证明：盈利不仅稳定，而且维持在高位，这是高质量盈利，而不是平庸稳定。

不错不错。。。房产还有很大潜能

LB Aluminium 近期业绩表现亮眼，再次展现其稳定且高水平的盈利能力。公司在当前市场环境下仍能维持强劲利润，反映出其成本控制、产品需求及运营效率的综合优势。持续且可预期的盈利表现，不仅增强了市场对其基本面的信心，也为估值重估（re-rating）提供了坚实基础。随着盈利能见度提升，市场有望逐步给予更合理甚至更高的估值水平。

(Bloomberg) — Emirates Global Aluminium’s biggest metal-producing plant sustained “significant damage” during an Iranian missile and drone attack on Saturday

如果利润率具备持续性，
估值重估和股价上行具备一定的概率

在铝价与需求支撑下，本季业绩有望延续良好表现，当前估值具备一定上修空间。

Hoot 9 eeeee

LB Aluminium 维持正面看法。公司目前 PE 与 PB 仍处低位，估值具吸引力。以最新数据看，公司市值约 RM221.8 million，而每股 NTA 达 RM1.05，对应 PB 仅约 0.49 倍，反映净有形资产规模几乎相当于当前市值的两倍，资产折价明显。加上公司现金与财务状况稳健，并持续录得数千万令吉盈利，在铝材及房产业务需求长期仍在支撑下，当前估值水平具备一定重估潜力。

RHB Research highlighted that these developments have led to a 283% increase in stock withdrawal over two weeks, totalling 171,025 tonnes. Notably, Mercuria is reported to be withdrawing approximately 100,000 tonnes from Port Klang.

“Assuming the Strait of Hormuz-related disruptions maintain, price pullbacks are likely to be shallow, with tight spot availability keeping prices elevated,” RHB Research added, noting that spot prices have already risen in two weeks.

Given the integrated pricing structure of the industry, increases in primary aluminium and billet prices are typically transmitted downstream. As a result, manufacturers of semi-finished and finished aluminium products are likely to adjust their selling prices upwards accordingly, thereby generating greater profit.