Citigroup reaffirmed Chinalco¡¯s ¡°selling¡± rating

Citigroup released notice that it will reaffirm Chinalco’s£¨Aluminium Corporation of China0 (02600.HK) “selling” rating, the target price is HK 4. In the H1, Chinalco’s net profit was 531 million yuan(RMB, same below), which was lower than expected. Although its showed wonderful performance in H1, its net profit decreased due to high cost. Citigroup estimated that Chinalco’s per share would be 0.07 yuan and 0.073 yuan in 2010 and 2011.

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