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Nanshan Aluminium International Holdings Limited
(2610)
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Rating:75Outperform
Price Target:
HK$32.00
â–²(23.08% Upside)
Action:Upgraded
Date:07/10/26
The score is driven primarily by strong financial quality (high margins and very low leverage) and very attractive valuation (low P/E with a solid dividend yield). These positives are tempered by weak technicals—price below key moving averages with negative MACD—plus mixed cash generation with negative free cash flow in 2025.
Positive Factors
High profit margins
Sustained high gross and net margins reflect structural pricing power and cost efficiency in the aluminium value chain. Durable margins support long-term cash generation potential and resilient earnings through commodity cycles, strengthening reinvestment and dividend capacity.
Negative Factors
Negative free cash flow in 2025
FCF turning negative despite solid earnings implies investments or working-capital strain that weakens internal funding for capex, dividends, or debt reduction. Over multiple quarters this reduces financial optionality and increases reliance on external financing for strategic moves.
Read all positive and negative factors
Positive Factors
Negative Factors
High profit margins
Sustained high gross and net margins reflect structural pricing power and cost efficiency in the aluminium value chain. Durable margins support long-term cash generation potential and resilient earnings through commodity cycles, strengthening reinvestment and dividend capacity.
Read all positive factors
Nanshan Aluminium International Holdings Limited (2610) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$15.90B
Dividend Yield4.74%
Average Volume (3M)995.34K
Price to Earnings (P/E)8.6
Beta (1Y)0.51
Revenue Growth-19.40%
EPS Growth-59.11%
CountryHK
Employees3,851
SectorGeneral
Sector StrengthN/A
IndustryAluminum
Share Statistics
EPS (TTM)0.38
Shares Outstanding620,435,200
10 Day Avg. Volume967,532
30 Day Avg. Volume995,338
Financial Highlights & Ratios
PEG Ratio1.47
Price to Book (P/B)1.89
Price to Sales (P/S)3.09
P/FCF Ratio-108.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$39.67Price Target Upside52.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.51
Revenue Forecast (FY)HK$1.23B
Nanshan Aluminium International Holdings Limited Business Overview & Revenue Model
Company Description
Nanshan Aluminium International Holdings Limited functions as an investment holding company, with its core operations centered on the production and distribution of alumina across Southeast Asia. The company's product portfolio includes various fo...
How the Company Makes Money
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Nanshan Aluminium International Holdings Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 960.02M | 1.14B | 1.02B | 677.78M | 466.78M | 172.84M |
| Gross Profit | 239.54M | 478.69M | 516.69M | 197.67M | 112.07M | 44.80M |
| EBITDA | 296.60M | 546.47M | 557.55M | 192.23M | 147.66M | 64.79M |
| Net Income | 222.86M | 409.03M | 401.81M | 122.67M | 67.69M | 28.46M |
Balance Sheet | ||||||
| Total Assets | 2.50B | 2.25B | 1.72B | 1.44B | 1.28B | 1.20B |
| Cash, Cash Equivalents and Short-Term Investments | 666.75M | 400.07M | 454.15M | 254.86M | 230.92M | 228.43M |
| Total Debt | 11.00K | 79.99K | 214.00K | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 407.96M | 349.58M | 426.28M | 168.32M | 286.61M | 196.92M |
| Stockholders Equity | 2.05B | 1.86B | 1.26B | 918.80M | 720.87M | 730.13M |
Cash Flow | ||||||
| Free Cash Flow | -95.65M | -32.44M | 21.63M | 23.47M | 12.67M | -146.19M |
| Operating Cash Flow | 52.45M | 359.72M | 96.27M | 96.27M | 163.04M | -8.71M |
| Investing Cash Flow | -204.75M | -461.97M | -74.18M | -74.18M | -150.37M | -137.48M |
| Financing Cash Flow | -49.28M | -18.35M | 5.13M | 5.13M | -383.00K | 159.19M |
Nanshan Aluminium International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$15.90B | 8.56 | 11.38% | 4.74% | -19.40% | -59.11% | |
74 Outperform | HK$183.81B | 9.57 | 22.29% | 3.44% | 6.65% | 46.64% | |
67 Neutral | HK$229.77B | 7.16 | 20.69% | 7.12% | 6.88% | 7.63% | |
58 Neutral | HK$2.34B | 3.78 | 8.48% | 9.02% | 9.79% | -24.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | HK$893.77M | 2.44 | 12.67% | 2.88% | 26.56% | 58.77% | |
49 Neutral | HK$155.92M | -1.19 | -19.40% | 7.14% | -64.85% | -1980.00% |
* General Sector Average
HK:2610
Nanshan Aluminium International Holdings Limited
26.02
-16.72
-39.12%
HK:2600
Aluminum of China
9.03
2.36
35.34%
HK:0098
Xingfa Aluminium Holdings Ltd.
5.63
-1.66
-22.80%
HK:1378
China Hongqiao Group Ltd.
23.52
0.84
3.71%
HK:2078
PanAsialum Holdings Co. Ltd.
0.13
-0.03
-16.25%
HK:0505
Xingye Alloy Materials Group Limited
1.04
0.06
6.12%
Nanshan Aluminium International Holdings Limited Corporate Events
Nanshan Aluminium Warns of Sharp Profit Drop on Alumina Price Fall
Jul 31, 2026
Nanshan Aluminium International Holdings Limited has issued a profit warning for the six months ended 30 June 2026, projecting net profit attributable to equity shareholders of between US$58 million and US$68 million, sharply down from about US$24...
Nanshan Aluminium Wins Shareholder Backing for Dividend, Mandates and New Articles
Jun 5, 2026
Nanshan Aluminium International Holdings Limited announced that all resolutions at its 5 June 2026 annual general meeting were approved by poll, including adoption of the 2025 audited financial statements, re-election of key executive and non-exec...
Nanshan Aluminium flags limited comparability of Press Metal’s unaudited Q1 results
May 28, 2026
Nanshan Aluminium International Holdings has disclosed inside information relating to the unaudited first-quarter 2026 results of its substantial shareholder Press Metal, whose report includes financial data covering Nanshan as an associate. Press...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.