BofA Merrill Lynch lifted its target price for Xinjiang Goldwind Science & Technology (02208) to HK$8.3 from HK$7.2, and maintained its "buy" call.
It said Goldwind reported in line 3Q results. Gross margin surprised on the upside to 22.5% from 16.2%/19% in 3Q 2012/2013, due to better cost control and improving business mix.
BofAML believes Goldwind could easily leverage on its high quality products and strong track record to expand market share and restore growth. The house lifted Goldwind 2013/14/15 forecast by 3%/11%/10%, assuming better cost control and faster wind farm disposal in 2014/15.
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