07/12/2010 17:25

[I-bank focus] Goldman lifts GCL-Poly (03800) TP to HK$3.6

Goldman Sachs lifted its target price for GCL-
Poly (03800) to HK$3.6 from HK$2.7, and maintained its "buy" rating. Its EPS forecasts
for 2010-2012 are Rmb0.20/0.29/0.40.
GCL-Poly is targeting to become the largest wafer manufacturer in the world. The
research house expects GCL to add 10,000 MT more of silicon capacity and 1.5GW wafer
capacity in 2011, which could bring volume growth outlook of 149% yoy.
In addition, continuing prepayment commitments from its major customers should help GCL
secure some source of funding for 2011 capex.
As GCL-Poly aggressively adds more low-cost based poly/wafer capacity, Goldman sees
stronger wafer price competition ahead, especially in 2H11 while more low-cost based
silicon/wafer will be effectively available. (KL)

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