We mentioned aluminum earlier in the commodities section and importantly MM believes in a number of cases the respective benefitting stocks are still too cheap. We have discussed crude stocks a number of times in recent weeks but Alcoa (AA US) illustrated the point that it’s not isolated to the energy complex – on Friday night it surged over 15% following its earnings release, a great read through for locally listed Alumina (AWC) this morning:
- MM believes AWC will benefit from a positive commodity price & dividend stream well into 2022 plus the valuation multiple should expand with these tailwinds.
- NB We are long AWC in both our Flagship Growth & Active Income Portfolios.
MM’s remains bullish Alcoa Corp (AA US) and Alumina (AWC)
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