Stock 2600 ALUMINUM CORPORATION OF CHINA LIMITED
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Financials Aluminum Corporation of China Limited

Equities

2600

CNE1000001T8

Aluminum

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:20 26/04/2024 BST 		5-day change 1st Jan Change
5.28 HKD +0.96% Intraday chart for Aluminum Corporation of China Limited +4.55% +35.38%
04-26 Chalco's Q1 Profit Rises 23% Despite 26% Fall in Revenue MT
04-25 Aluminum Corporation of China Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 55,696 56,549 93,513 70,555 88,626 118,781 - -
Enterprise Value (EV) 1 125,173 129,878 162,937 126,116 134,566 165,406 147,855 139,310
P/E ratio 64.5 x 82.4 x 12.3 x 12.3 x 9.09 x 10.5 x 9.57 x 8.43 x
Yield - - 0.91% - 2.26% 1.75% 1.94% 2.44%
Capitalization / Revenue 0.29 x 0.3 x 0.35 x 0.24 x 0.39 x 0.51 x 0.47 x 0.48 x
EV / Revenue 0.66 x 0.7 x 0.6 x 0.43 x 0.6 x 0.71 x 0.59 x 0.56 x
EV / EBITDA 8.35 x 9.51 x 7.44 x 5.35 x 5.32 x 4.95 x 4.42 x 3.62 x
EV / FCF 37 x 13.2 x 6.24 x 5.45 x 6.68 x 10.2 x 6.34 x 6.55 x
FCF Yield 2.7% 7.58% 16% 18.3% 15% 9.84% 15.8% 15.3%
Price to Book 0.65 x 0.72 x 1.04 x - 1.01 x 1.26 x 1.11 x 1.03 x
Nbr of stocks (in thousands) 17,022,673 17,022,673 17,022,673 17,161,592 17,161,592 17,158,381 - -
Reference price 2 2.386 2.306 3.512 2.932 3.545 4.888 4.888 4.888
Announcement Date 26/03/20 23/03/21 22/03/22 21/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 190,074 185,994 269,748 290,988 225,071 233,182 251,980 247,652
EBITDA 1 14,991 13,659 21,907 23,561 25,301 33,417 33,450 38,523
EBIT 1 6,455 6,023 13,409 13,682 15,296 21,082 23,315 23,606
Operating Margin 3.4% 3.24% 4.97% 4.7% 6.8% 9.04% 9.25% 9.53%
Earnings before Tax (EBT) 1 2,114 2,155 10,179 13,209 15,091 19,744 22,571 26,686
Net income 1 851 741 5,080 4,192 6,717 8,358 9,352 11,334
Net margin 0.45% 0.4% 1.88% 1.44% 2.98% 3.58% 3.71% 4.58%
EPS 2 0.0370 0.0280 0.2860 0.2390 0.3900 0.4676 0.5107 0.5795
Free Cash Flow 1 3,382 9,842 26,095 23,142 20,149 16,277 23,313 21,254
FCF margin 1.78% 5.29% 9.67% 7.95% 8.95% 6.98% 9.25% 8.58%
FCF Conversion (EBITDA) 22.56% 72.06% 119.12% 98.22% 79.64% 48.71% 69.7% 55.17%
FCF Conversion (Net income) 397.43% 1,328.26% 513.72% 552.06% 299.98% 194.74% 249.28% 187.52%
Dividend per Share 2 - - 0.0320 - 0.0800 0.0856 0.0950 0.1191
Announcement Date 26/03/20 23/03/21 22/03/22 21/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 S1 2025 S2
Net sales 1 95,134 84,109 101,886 120,736 74,819 149,012 75,621 69,782 145,403 60,669 84,916 145,585 66,279 67,783 134,063 54,342 36,666 91,008 48,956 60,954 107,774 60,954 59,759 118,362 108,984 120,964
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 - - - 6,718 318.1 5,891 2,953 5,386 8,339 1,514 5,095 6,609 3,379 - 8,085 5,120 2,091 9,558 4,745 6,141 9,087 6,020 4,474 7,339 7,490 7,144
Operating Margin - - - 5.56% 0.43% 3.95% 3.9% 7.72% 5.74% 2.49% 6% 4.54% 5.1% - 6.03% 9.42% 5.7% 10.5% 9.69% 10.08% 8.43% 9.88% 7.49% 6.2% 6.87% 5.91%
Earnings before Tax (EBT) 1 - - - - 70.02 - 2,880 4,077 - 1,411 4,841 - 3,448 3,272 - 4,339 4,032 - 4,792 5,237 - 5,115 3,570 - - -
Net income 1 - - - - -227.9 - - 2,414 - 577.5 -375 - - - - 1,936 1,364 - 2,230 2,435 - 2,338 1,101 - - -
Net margin - - - - -0.3% - - 3.46% - 0.95% -0.44% - - - - 3.56% 3.72% - 4.56% 4% - 3.84% 1.84% - - -
EPS 2 0.002000 -0.006000 - 0.1740 -0.0170 0.1120 0.0910 0.1400 0.2310 0.0310 -0.0230 0.008000 0.1050 0.0930 0.1980 0.1110 0.0810 0.1920 0.1300 0.1200 0.2100 0.1200 0.1200 0.1600 0.1800 0.1600
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 26/03/20 27/08/20 23/03/21 24/08/21 22/03/22 22/03/22 26/04/22 23/08/22 23/08/22 25/10/22 21/03/23 21/03/23 25/04/23 22/08/23 22/08/23 25/10/23 27/03/24 27/03/24 25/04/24 - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 93,771 73,329 69,424 55,561 45,940 46,625 29,074 20,529
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.255 x 5.369 x 3.169 x 2.358 x 1.816 x 1.395 x 0.8692 x 0.5329 x
Free Cash Flow 1 3,582 9,842 26,095 23,142 20,149 16,277 23,313 21,254
ROE (net income / shareholders' equity) 1.59% 1.36% 9.09% 6.9% 12% 12.4% 12.7% 13.2%
ROA (Net income/ Total Assets) 0.42% 0.37% 2.62% - 3.17% 3.81% 3.71% 4.31%
Assets 1 202,018 200,271 193,876 - 212,058 219,178 252,036 262,797
Book Value Per Share 2 3.670 3.190 3.360 - 3.520 3.880 4.410 4.760
Cash Flow per Share 2 0.7300 0.8700 1.660 - 1.560 1.610 1.620 1.780
Capex 1 8,892 5,039 2,136 4,664 6,519 8,287 5,380 5,819
Capex / Sales 4.68% 2.71% 0.79% 1.6% 2.9% 3.55% 2.13% 2.35%
Announcement Date 26/03/20 23/03/21 22/03/22 21/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aluminum Corporation of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
4.888 CNY
Average target price
5.087 CNY
Spread / Average Target
+4.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aluminum

1st Jan change Capi.
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Other Aluminum
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