[ET Net News Agency, 23 November 2018] Daiwa Research lowered its target price for
GCL-Poly Energy (03800) to HK$0.52 from HK$0.55 and maintained its "underperform" rating.
The research house has recently visited GCL-Poly's new polysilicon plant in Xinjiang.
The company expects production cost to fall below CNY40/kg (US$5.8/kg) when its capacity
is expanded to 60ktpa by mid-2019, thanks to lower power tariffs.
Daiwa sees that most first-tier Chinese polysilicon manufacturers are commissioning new
lower-cost capacities in 4Q 2018 and 1H 2019, which is likely to continue to reduce
polysilicon prices going forward.
It cut its 2018-20 EPS forecasts for GCL-Poly by 14-29% on its lower ASP estimates for
polysilicon and wafer. (KL)
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03800 GCL TECH
Nominal 
1.090 0.000 (0.000%) Others
23/11/2018 10:09
[I-bank focus]Daiwa trims GCL-Poly Energy (03800) to HK$0.52
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