[ET Net News Agency, 17 March 2020] CCB International Securities lowered its target
price for Xinyi Solar (00968) to HK$3.4 from HK$4.4 and downgraded its rating to
"underperform" from "neutral".
The research house said Xinyi Solar reported largely in-line 2019 results. CCB sees
downside risk for global solar installations in 2020 amid the COVID-19 pandemic. The US
and Europe, two major markets that accounted for 30% of 2019 new installations, are both
facing lockdown.
CCB sees oversupply risk for solar glass in 2020 as new solar production lines begin
operations. It lowered its 2020 global solar installation forecast from 140GW to 128GW.
(KL)