The Aluminum Corp of China (Chalco) common stock has declined significantly since our previous update report. The decline was primarily due to two alumina price cuts by Chalco in the last two monthsok. Considering these price cuts, we are likely to reduce our estimates in our next update report. Hence, although the current price levels do not support a HOLD rating, we temporarily maintain our HOLD rating until our next full update report. We do not anticipate a change in the Chalco ADR rating as the Hong Kong dollar is pegged to the US dollar. However, in line with our fundamental stock, we temporarily maintain our HOLD rating until we reassess the ADR in our full update report.

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