Morgan Stanley: Thailand Aluminum Statistics (July): Slight MoM Rise, Driven by Exports to India
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Morgan Stanley MUFG analyst Yu Shirakawa reviews July 2026 Thailand aluminum statistics for UACJ (5741.T, Japan nonferrous metals and mining), noting a slight month-on-month increase driven by exports to India. UACJ Thailand (UATH) supplies roughly 30% of its output to the domestic Thai market and exports around 70% to Southeast Asia, Australia, the Middle East and the United States; the analyst back-calculates July shipments at approximately 26kt. UACJ remains Equal-weight with a target price of Y2,700, against the August 31 close of Y2,342 and a market capitalization of Y424.1bn; the industry view is In-Line. Morgan Stanley's global rating distribution across 3,694 companies comprises Overweight/Buy at 42% (1,555 names), Equal-weight/Hold at 43% (1,577), Underweight/Sell at 15% (559) and three not rated. Beyond the roughly 26kt July shipment estimate, the note offers no further quantitative forecasts or verification windows.
Peers covered include DOWA Holdings (Equal-weight, Y9,998), JX Advanced Metals (Equal-weight, Y3,772), Mitsui Kinzoku (Overweight, Y29,345), Nippon Light Metal Holdings (Equal-weight, Y3,030) and Sumitomo Metal Mining (Equal-weight, Y11,115); Mitsubishi Materials appears at Y5,660 without a standard rating.