Founder Securities gave ACH "neutral" rating

Founder Securities research report gave ACH(Aluminum Corporation of China) [10.19-0.20%] (ACH) "neutral" rating. As global second largest alumina supplier Aluminum Corporation of China announced on June 2nd that they would cut alumina price down by 5% or 2850 yuan/ton. It was the first time for ACH to low alumina price. Before the drop, Alumina price of ACH was RMB 3000 yuan and it lasted near 5 months. In 2009 alumina business took share of 27.91% in ACH major businesses. Therefore to low alumina price, to a certain extent, generated certain effect on ACH. The spot price of alumina of ACH currently stay at 15100 yuan/per ton, while LME Futures Aluminum also down below USD 2100/per ton. The spot price of domestic alumina currently drops to 15000 yuan to 14950 yuan/per ton, while average cost of electrolytic aluminium is between 15000 and 15500 yunan. It is expected that ESP of ACH will be 0.23 or 0.24 yuan in 2010 and 2011.

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