[ET Net News Agency, 22 November 2017] Citi Research lifted its target price for Xinyi
Glass (00868) to HK$10.4 from HK$9.2 due to much better ASP outlook, and maintained its
"buy" rating.
The research house attributed better ASP to: (1) a rare 0.7% wow national average float
glass ASP hike (+12% yoy) during a slack season, which was due to supply shortage in
Northern China, (2) resilient float glass ASP in Southern China with that for Guangdong
+8% yoy this week, (3) enlarging float glass ASP-cost spread at 2.3% wow (+5% yoy), and
(4) recovering 2018 auto sales volume growth under an upsizing trend, which drives the
demand for auto and float glass.
Citi lifted its 2018 net profit forecast by 7.5% on stronger float glass ASP estimate.
It now expects to see a further 10% yoy float glass ASP hike for Xinyi Glass in 2018
(versus 5% previously) on improved industry supply/demand dynamics. (KL)
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00868 XINYI GLASS
Nominal 
8.160 +0.030 (+0.369%) Others
22/11/2017 17:53
[I-bank focus]Citi lifts Xinyi Glass (00868) to HK$10.4
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