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00968 XINYI SOLAR
RTNominal down5.130 -0.130 (-2.471%)
Others

09/08/2019 09:45

{I-bank focus}HSBC lowers Xinyi Solar (00968) to HK$4.7

[ET Net News Agency, 9 August 2019] HSBC Global Research lowered its target price for
Xinyi Solar (XYS)(00968) to HK$4.7 from HK$4.8 and maintained its "buy" rating.
The research house said XYS's core profit was down 23% stripping out the effects from FX
and one-off items. It was a steeper decline than HSBC had estimated (-9%). The results
reflect the lower ASPs and higher production costs (e.g. natural gas prices) against a
higher base in 1H 2018 despite volume growth.
Solar glass GPM slipped to 27.3% (1H 2018: 33.4%, 2H 2018: 17%) due to decline in ASPs
and higher natural gas and raw material (silica sand) costs but showed sequential
improvement. (KL)

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