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RTNominal down14.080 -0.180 (-1.262%)
Research Report

07/05/2021 16:53

{I-bank focus}Citi lowers Xinyi Solar (00968) to HK$11.5

[ET Net News Agency, 7 May 2021] Citi Research lowered its target price for Xinyi Solar
(00968) to HK$11.5 from HK$15 and maintained its "neutral" rating.
The research house cut its 2021-23 net profits forecasts by 18-51%, factoring lower
solar glass sales prices to Rmb28/m2 (from Rmb31.29/m2) for 3.2mm and Rmb23/m2 (from
Rmb24.7/m2) for 2.0mm for 2021 and Rmb22/m2 (from Rmb28/m2) and Rmb18/m2 (from Rmb22/m2)
respectively for 2022.
Despite the recent solar glass price drop, Citi thinks that the PRC solar glass industry
cycle trough will not be reached until some less efficient players exit the market and
certain capacity addition plans are suspended or delayed. (KL)

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