QUOTE AND NEWS
Banking Business Review  Sep 23  Comment 
Avidia Bank and linked2pay, the technology platform provider of Avidia Pay, have announced that they have added same-day ACH payments with their platform.
Benzinga  Sep 22  Comment 
D.A. Davidson views the recent B&G Foods, Inc. (NYSE: BGS)'s acquisition of spices and seasonings business ACH Food Companies as positive and "a good strategic fit," as it complements Mrs. Dash, Ac'cent, and others in B&G's existing...
MarketWatch  Sep 21  Comment 
B&G Foods Inc. has announced an agreement to acquire ACH Food Companies Inc.'s spice business for about $365 million in cash. The brands involved include Spice Islands, Tone's and Durkee, as well as the Weber brand of sauces and seasonings, which...
Mondo Visione  Jul 21  Comment 
The Federal Reserve Board on Thursday announced the adoption of changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) to conform with enhancements to the Reserve Banks' same-day automated clearing house (ACH) service...
WA Business News  Jul 15  Comment 
Silver Lake Resources has sold its Great Southern gold project to ACH Minerals for $5 million in cash.
Clusterstock  Apr 12  Comment 
This story was delivered to BI Intelligence "Payments Industry Insider" subscribers. To learn more and subscribe, please click here. New data from the Electronic Payments Association (NACHA) indicates that most major banks are on track to meet...
Forbes  Oct 27  Comment 
The Clearing House, which processes 50 percent of ACH payments in the U.S. is moving ahead with plans for a real-time system.
CNNMoney.com  Oct 20  Comment 
Read full story for latest details.
TechCrunch  Sep 2  Comment 
 Payments, the final frontier. These are the voyages of the starship Kash whose multi-year mission is to “clear financial transactions instantly (like cards) and have much lower fees and fraud rates (like ACH.)” Her captain, Kaz Nejatian,...




 
TOP CONTRIBUTORS

Aluminum Corporation of China, Ltd. (Chalco), incorporated as a joint stock limited company in the People's Republic of China in 2001 and headquartered in Beijing, is the main producer of alumina and the largest producer of primary aluminum in terms of production and sales in China. Chinalco, a state-owned enterprise, currently owns 40.46% of Chalco's issued share capital, and it is Chalco's largest shareholder. As of September, 2007, the company's assets totaled approximately $10.7 billion and are expected to continue to grow rapidly.

Chalco organizes and manages its operations mainly through the following two business segments: Alumina and Primary Aluminum. External sales of the Alumina and Primary Aluminum segments accounted for approximately 44.3% and 54.5%, respectively, of Chalco's total 2006 revenue. Revenues from Primary Aluminum segments are expected to contribute larger ratio of the company's revenue.

Chalco sells a small portion of the alumina it produces to its own primary aluminum smelters and a majority to external customers, mainly smelters throughout China. In 2006, Chalco produced 8.83 million tons of alumina products, and that amount accounted for about 64.5% of all alumina products produced in China, making Chalco the second-largest producer of alumina in the world. The company's alumina production has grown about 14.6% per year from 2001 to 2006.

Primary aluminum is a widely used metal and the key raw material for aluminum fabrication. Chalco sells most of its primary aluminum products to China's customers, and transports most of its primary aluminum products by rail. Chalco's primary aluminum production was 1.93 million ton in 2006, and that amount accounted for 20.6% of all primary aluminum products produced in China, making Chalco the fourth-largest producer of alumina in the world. The company's primary aluminum production has grown about 27.4% per year from 2001 to 2006.

Currently its stock price in China's A share market is around 130% higher than that of Hong Kong's H share market. As the Chinese government lets Chinese investors invest in overseas market, it is expected that price of a company in different markets will converge in the future.


Chalco announced strong financial results for the first three quarters of 2007 mainly due to production increases of primary aluminum products. However, its profit margins declined in the third quarter due to a slip in aluminum and alumina prices. The company should continue to benefit from strong alumina and aluminum demand in China, as the company has the best balanced value chain of aluminum industry in China. Moreover, it plans to continue to increase its production capacity aggressively. Chalco has finished six aluminum acquisitions since March 2006, and three offshore alumina projects are on the right track. In addition, Chalco pays very generous dividend. Given its overall positive prospects, we are maintaining our Buy recommendation on Chalco shares.




References

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