[ET Net News Agency, 9 August 2019] HSBC Global Research lowered its target price for
GCL-Poly Energy Holdings (03800) to HK$0.4 from HK$0.5 and maintained its "hold" rating.
The research house said it had already expected a loss from GCL in 1H, but a net loss of
RMB998m was larger than HSBC's estimation, mainly due to weaker ASPs for solar wafers
despite the increased volume.
HSBC said GCL is on track to convert most of its original multi-wafer capacity (21GW)
into cost-effective quasi-mono capacity (15GW) of which 10GW is expected to be completed
by end-2019 (June 2019: 6GW). Management maintained its shipment target of 5GW this year.
HSBC lowered its earnings estimates for 2019/20/21 mainly on cutting its assumptions for
ASPs, costs, and opex. It still expects a full-year loss for 2019 but does expect some
sequential improvement in 2H assuming solar material prices have stabilised, supported by
the ramping up of construction of solar projects. (KL)
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03800 GCL TECH
Nominal 
1.090 -0.020 (-1.802%) Others
09/08/2019 09:57
{I-bank focus}HSBC trims GCL-Poly Energy (03800) to HK$0.4
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