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Research Report

07/05/2021 12:29

{I-bank focus}Daiwa cuts Xinyi Solar (00968) to HK$11.5

[ET Net News Agency, 7 May 2021] Daiwa Research cut its target price for Xinyi Solar
(00968) to HK$11.5 from HK$14.5 and downgraded its rating from "outperform" to "hold".
The research house thinks the PV glass price will face another 12-15% cut soon with
worsening dynamics on the massive supply after a 30% price cut in March. Daiwa sees glass
inventory continuing to rise before the domestic peak demand in 3Q, thus a further price
cut is likely.
It noted that Flat Glass (06865) targets to cut price by another 12-15% for 3.2mm PV
glass. Meanwhile, Daiwa sees a possibility of a further price cut by end-3Q given the
continual supply release before energy costs rise in 4Q. It cut its 2021-22 earnings
forecasts by 7-10% on lower PV glass ASP estimates. (KL)

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