<ET Net News Agency, 3 October 2011> Citigroup lowered its target price for GCL-Poly
Energy (03800) to HK$4 from HK$5.5 to factor in lower 2012 earnings, and maintained its
"buy" call.
The research house said its earnings cut is due to 5-10% drop in wafer prices since
early-September, and as tier-1 solar module prices fell to US$1.1/W or lower.
In addition, more conservative wafer pricing in 2012, as wafer makers lower prices to
support sub-US$1 modules.
Citi expects GCL-Poly to ramp capacity in 2012-13 and benefit from shipment growth, but
weak pricing may add pressure on its capital funding needs to meet its capex plans.
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