[ET Net News Agency, 5 December 2019] Goldman Sachs raised its target price for Xinyi
Solar Holdings (00968) by 10% to HK$6.14 and maintained its "buy" rating.
The research house said Xinyi has raised its 3.2mm solar glass price by 4% to Rmb29/sqm
for December. Goldman believes this suggests solid and improving supply and demand
dynamics in the solar glass segment, and rising utilization or accelerating module
shipments before year-end.
Goldman believes this strong pricing of solar glass could continue into 1H 2020. It
expects to see limited new capacity additions and strong installations in China delayed
from 4Q 2019.
To factor in the improving pricing outlook, Goldman raised its 2020-21 net income
estimates by 6.7/6.6% to Rmb3,537/4,251mn. (KL)