[ET Net News Agency, 20 September 2019] UBS Global Research lowered its target price
for GCL-Poly Energy (03800) to HK$0.51 from HK$0.72 and maintained its "buy" rating.
The research house said GCL-Poly's share price is down 29.5% year-to-date, significantly
underperforming the H/A-share solar sectors' 3.8%/32% increases in the same period.
UBS attributed its underperformance to its net loss in 1H, and the market's concern that
the company may no longer be able to afford its high leverage ratio and financial
expenses.
UBS thinks the market has priced in the downsides but GCL-Poly could turn around in 2H
and the following years through its asset spin-offs and its new quasi-mono wafer product.
Based on its 1H results, UBS cut its 2019-21 earnings estimates by 17-50%. (KL)
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03800 GCL TECH
Nominal 
1.130 +0.040 (+3.670%) Others
20/09/2019 17:37
{I-bank focus}UBS cuts GCL-Poly Energy (03800) to HK$0.51
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