Press Metal Aluminium appears well positioned to benefit from improving aluminum market fundamentals, supported by China's production cap, low global inventories and rising demand from electric vehicles, renewable energy and grid expansion, MBSB Research analyst Ming San Soong says in a note. The company's low-cost hydropower smelting operations and expanding upstream assets are expected to support earnings growth and margin resilience, he says. He also sees higher contributions from value-added products and easing raw-material costs also could support earnings. Soong believes the recent price weakness reflects the fading of geopolitical risk premiums rather than industry fundamentals' deterioration. MBSB initiates coverage on Press Metal with a buy rating and 9.78 ringgit target price. Shares are 0.1% higher at 7.69 ringgit. (yingxian.wong@wsj.com)