[I-bank focus]Citi ups GCL-Poly Energy (3800) TP to HK$3.65

  <ET Net News Agency, 12 January 2011>  Citigroup raised its target price for GCL-Poly
Energy (03800) to HK$3.65 from HK$3.18, and maintained ita "buy" call.
  The house said GCL-Poly is looking to increase its production scale in both polysilicon
and wafer after signing long-term customer contracts.
  With a faster wafer capacity ramp-up and higher shipments, GCL-Poly's sales should rise
37.5% yoy in 2011 amid ASP pressure on its customers, Citi said.
  It expects GCL-Poly to announce capacity expansion in the next few weeks, with plans to
add at least 10,000MT new poly-silicon and 1GW wafer capacity in 2011.  After reaching
3.5GW wafer capacity, its production cost should gradually improve on better yield and the
scale to meet larger orders from both China and India customers.