Aluminum Corporation Of China Limited.

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  • uploads///part  aluminum
    Basic Materials

    Did the Tariffs Dent Aluminum Market Sentiments?

    The Section 232 findings were released on February 16. Between February 19 and March 16, LME aluminum has fallen ~$200 per metric ton.

    By Mohit Oberoi, CFA
  • uploads///part  china steel export
    Basic Materials

    What’s the Core Issue Facing the Global Aluminum Industry?

    We should remember that the core issue facing the global steel and aluminum industries is global in nature and not necessarily limited to the US market.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    China’s Supply-Side Reforms Could Impact Aluminum in 2018

    Alcoa (AA) expects global aluminum demand to exceed supply in 2018 on China’s supply-side reforms.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Basic Materials

    Alcoa Continues Its Rally as China Keeps Its Commitment

    China exported 370,000 metric tons of unwrought aluminum in September, compared to 410,000 metric tons in August.

    By Mohit Oberoi, CFA
  • uploads///part  revenue
    Basic Materials

    Alcoa’s 3Q17 Preview: Why Analysts See Higher Revenues

    According to consensus estimates compiled by Thomson Reuters, Alcoa is expected to post revenues of $2.97 billion in 3Q17.

    By Mohit Oberoi, CFA
  • uploads///part  premiums
    Basic Materials

    What the Recent Trend in Physical Premiums Means for Alcoa

    For aluminum producers, the all-in aluminum price consists of the price of aluminum plus physical aluminum premiums. These premiums are regional in nature.

    By Mohit Oberoi, CFA
  • uploads///part  demand
    Basic Materials

    Chinese Aluminum Demand Indicators Offer Mixed Signals

    Since China is the largest aluminum consumer, it’s important for investors to keep track of the country’s aluminum demand (ACH) (FXI).

    By Mohit Oberoi, CFA
  • uploads///part  aluminum price
    Basic Materials

    Aluminum Prices Defy Gravity and Maintain the $2,000 Level

    Aluminum prices have gained more than 22% so far in 2017. This trend was preceded by a 13.6% rise in 2016.

    By Mohit Oberoi, CFA
  • uploads///part  china production
    Miscellaneous

    Analyzing China’s Aluminum Production Data

    China produced ~2.76 million metric tons of aluminum in April—a YoY increase of 7.6%. Its production has risen 12.0% YoY in the first four months of 2017.

    By Mohit Oberoi, CFA
  • uploads///part  cenx
    Earnings Report

    What Investors Should Know about Century Aluminum’s 1Q17 Results

    Century Aluminum (CENX) was among the best-performing aluminum stocks (NHYDY) (ACH) (SOUHY) last year with gains of 94%.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum production
    Company & Industry Overviews

    How Did Alcoa’s Production Profile Change in 2016?

    In fiscal 2016, Alcoa (AA) produced 45.0 million bone dry metric tons of bauxite, 13.2 million metric tons of alumina, and 2.42 million metric tons of aluminum.

    By Mohit Oberoi, CFA
  • uploads///part  alcoa production
    Company & Industry Overviews

    Should We Blame China for Alcoa’s Falling Production Profile?

    One reason US aluminum producers find it hard to compete is because the cost of electricity is higher in the United States. Chinese producers allegedly get a power subsidy.

    By Mohit Oberoi, CFA
  • uploads///part  China demand
    Company & Industry Overviews

    Must Know: What Could Drive Aluminum Demand in 2017?

    While the packaging sector’s demand is more or less stable, the construction and automotive sectors’ demands tend to influence global aluminum demand.

    By Mohit Oberoi, CFA
  • uploads///part  bearish
    Company & Industry Overviews

    Should Alcoa Bears Like Their Chances in 2017?

    Higher Chinese aluminum production could spoil the party that companies such as Alcoa and Century Aluminum (CENX) are currently enjoying.

    By Mohit Oberoi, CFA
  • uploads///part  scarcity
    Company & Industry Overviews

    Could Alcoa Command a Scarcity Premium after the Split?

    Alcoa could command a scarcity premium. Would investors pay a premium to play the aluminum space that’s saddled with massive Chinese overcapacity?

    By Mohit Oberoi, CFA
  • uploads///part  production
    Company & Industry Overviews

    Should You Expect a Turnaround in Alcoa’s Production Profile?

    Alcoa (AA) has an iconic past. The company was the world’s second-largest aluminum producer in 2007, but last year, it was ranked fourth.

    By Mohit Oberoi, CFA
  • uploads///part  china exports
    Company & Industry Overviews

    What Could Trump’s Presidency Mean for Alcoa and Aluminum?

    China’s economic growth rates could be impacted when Donald Trump takes office. His tough stance on imports from China could be negative for its economy.

    By Mohit Oberoi, CFA
  • uploads///part  china
    Company & Industry Overviews

    What to Expect from Chinese Aluminum Demand Next Year

    Chinese aluminum demand has been better this year due to the stimulus from the government. The higher demand supported aluminum prices.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    What Do China’s Aluminum Demand Indicators Suggest?

    Although China’s real estate demand indicators started to show signs of moderation after the big rise earlier this year, car sales continued to swell.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    What Do China’s Demand Indicators Mean for Alcoa Stock?

    Since China is the world’s largest aluminum consumer, it’s important to keep track of China’s aluminum demand indicators.

    By Mohit Oberoi, CFA
  • uploads///part  alumina prices
    Company & Industry Overviews

    Life Beyond Trump: What’s Driving Aluminum Prices This Month?

    There’s been a broad-based rally in commodity prices since Trump won the election. But several fundamental factors are also supporting aluminum prices.

    By Mohit Oberoi, CFA
  • uploads///PART  PRODUCTION
    Earnings Report

    Alcoa’s Aluminum Production: What Investors Can Expect

    Alcoa was the world’s second-largest aluminum producer in 2007, but last year, the company was ranked fourth.

    By Mohit Oberoi, CFA
  • uploads///part  trump
    Company & Industry Overviews

    Could Trump’s Policies Revive Alcoa and Aluminum Markets?

    In this article, we’ll see what Donald Trump’s presidency could mean for Alcoa and other aluminum producers, which include Century Aluminum and Norsk Hydro.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Macroeconomic Analysis

    Can Higher Chinese Aluminum Exports Spoil Alcoa’s Party?

    China exported 350,000 metric tons of unwrought aluminum in October. Chinese aluminum exports fell ~1.8% YoY in the first ten months of 2016.

    By Mohit Oberoi, CFA
  • uploads///part  china exports
    Company & Industry Overviews

    Why China’s Loss Wouldn’t Mean Alcoa’s Gain

    Donald Trump appears to favor a more aggressive trade policy—regularly citing job losses as a result of imports from countries, especially China (FXI).

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Macroeconomic Analysis

    Alcoa Cuts Aluminum Deficit Projection: Is China to Be Blamed?

    Aluminum markets have been in a surplus for almost a decade now. However, some observers see the market headed for a deficit in 2016.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum supply
    Company & Industry Overviews

    Chinese Aluminum Production Continued to Fall in August

    During their respective 2Q16 earnings calls, some aluminum producers said that they expect Chinese aluminum production to rise in 2H16.

    By Mohit Oberoi, CFA
  • uploads///part  risk aluminum price
    Basic Materials

    What Challenges Could Alcoa’s Post-Split Upstream Business Face?

    After the split, the new Alcoa (AA) will house the business units that are currently under the Primary Metals and Alumina segments. We’ll look at the challenges that Alcoa could face once it is listed as a separate company.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Basic Materials

    China’s August Aluminum Exports: Are Market Fears Coming True?

    Aluminum producers have been blaming their woes on Chinese aluminum exports. China’s aluminum exports rose by 10% YoY in 2015.

    By Mohit Oberoi, CFA
  • uploads///PART
    Basic Materials

    How Do Aluminum Producers Look Going into 3Q16?

    Most aluminum producers’ earnings were received well by markets. Alcoa (AA) saw an upward price action of 5.4% after its earnings release.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum
    Basic Materials

    Chinese Aluminum Exports: Are We Staring at a 2H16 Tsunami?

    China exported 390,000 metric tons of unwrought aluminum in July. This represents a YoY (year-over-year) decline of 9.3% for Chinese aluminum exports.

    By Mohit Oberoi, CFA
  • uploads///part  premiums
    Basic Materials

    Why the Aluminum Supply Deficit Is Not Causing Premiums to Strengthen

    US Midwest aluminum premiums are currently quoted at $0.07 per pound. Premiums have fallen slightly in July and are now down more than 22% year-to-date.

    By Mohit Oberoi, CFA
  • uploads///part  value proposition upstream
    Miscellaneous

    How Will the New Alcoa Look after the Split?

    After the split, the new Alcoa (AA) will house the business units that are currently under the Primary Metals and Alumina segment.

    By Mohit Oberoi, CFA
  • uploads///ddddbdebddacebb
    Company & Industry Overviews

    MSCI Not Including China A Shares in the Emerging Markets Index

    In a major announcement yesterday, MSCI (MSCI) decided not to include China A shares in its Emerging Markets Index (EEM).

    By David Ashworth
  • uploads///part  premiums
    Macroeconomic Analysis

    What’s Keeping Physical Aluminum Premiums Weak This Year?

    For aluminum producers, the all-in aluminum price consists of the aluminum price plus regional aluminum premiums. Aluminum premium is a surcharge that consumers pay on top of prevailing prices.

    By Mohit Oberoi, CFA
  • uploads///last
    Miscellaneous

    Why China Remains the Wild Card for Aluminum Markets in 2016

    According to data released by the International Aluminum Institute, China produced 2.5 million metric tons of aluminum in December—a YoY increase of ~1%.

    By Mohit Oberoi, CFA
  • uploads///CNY vs CNH
    Macroeconomic Analysis

    Spread Reducing between Onshore and Offshore Yuan

    The spread between the offshore and onshore yuan creates arbitrage opportunities for traders as the value diverges between the two currencies.

    By David Meyer
  • uploads///alcoa cuts
    Macroeconomic Analysis

    Conflicting Signals from China Leave Alcoa Investors Guessing

    There have been conflicting signals coming from China (FXI). Recent reports suggest that China might buy 1 million tons of aluminum from domestic smelters.

    By Mohit Oberoi, CFA
  • uploads///
    Macroeconomic Analysis

    The Auto Industry’s Aluminum Usage Is Increasing

    The usage of aluminum in automobiles has been gradually increasing, as it improves vehicle performance, reduces CO2 emissions, and boosts fuel economy.

    By Val Kensington
  • uploads///lme aluminum prices
    Macroeconomic Analysis

    Why Have Markets Ignored “Mega News” of China’s Aluminum Cuts?

    Chinalco announced aluminum cuts of 530,000 tons in October. However, it will now be cutting production by only 150,000 tons.

    By Mohit Oberoi, CFA
  • uploads///fcddbbadadddfdfa
    Macroeconomic Analysis

    Singapore Dollar Fell after the Deflation Report

    The Singapore dollar fell compared to the US dollar on November 23, 2015. Inflation reports showed deflationary pressures increasing in the economy.

    By David Meyer
  • uploads///China IIP
    Macroeconomic Analysis

    China’s Industrial Production Struggles to Regain Strength

    According to the National Bureau of Statistics of China, industrial production in China rose 5.6% in October compared to 5.7% in September. The reading was below market expectations of 5.8%.

    By Lara Sheldon
  • uploads///part  premiums
    Company & Industry Overviews

    How Aluminum Premiums Could React to Alcoa’s Curtailments

    US Midwest aluminum premiums were stable at $0.07 per pound in October. However, on a year-to-date basis, aluminum premiums have fallen more than 70%.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum price
    Company & Industry Overviews

    Can Alcoa’s Capacity Cuts Support Aluminum Prices?

    On November 2, 2015, spot aluminum closed at $1,463 per metric ton on the London Metals Exchange. Spot aluminum prices were down more than 7.5% in October.

    By Mohit Oberoi, CFA
  • uploads///SGD Oct
    Macroeconomic Analysis

    Singapore Dollar Gained on Positive Growth Figures

    The Singapore dollar gained against the US dollar on October 14, 2015. The GDP (gross domestic product) grew ahead of the forecasts in the third quarter.

    By David Meyer
  • uploads///aa cr
    Earnings Report

    Analyzing Alcoa’s Performance Compared to Its Peers

    The peers outperformed Alcoa based on the net profit margin, EPS, and PBV ratio. However, Alcoa is way ahead of its peers based on the current ratio.

    By Gabriel Kane
  • uploads///aa pm
    Earnings Report

    Alcoa Reported a Fall in Income Quarter-over-Quarter

    Alcoa (AA) has a market cap of $14.42 billion. Its YTD (year-to-date) price movement is falling day by day. Alcoa’s income has fallen every quarter.

    By Gabriel Kane
  • uploads///major exporters
    Basic Materials

    Will Global Challenges In 2015 Dint Alcoa’s Aluminum Biz?

    The fact that major economies including Russia and Japan are slowing down is among the global challenges facing the aluminum industry.

    By Mohit Oberoi, CFA
  • uploads///value add
    Macroeconomic Analysis

    Alcoa’s Value-Added Business To Drive Profits in 2015

    Alcoa’s value-added business is expected to be a key driver in 2015. This segment is largely immune from aluminum price volatility.

    By Mohit Oberoi, CFA
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