Citi Research lifted its target price for GCL-Poly Energy (03800) to HK$3 from HK$2.5, and maintained its "buy" rating.
The research house sees higher wafer production output, while margin improvements in 2H may be sustained, as company improves its wafer efficiency and lower production costs on a per-watt basis.
In addition, average price was US$17/kg and US$0.21/W, suggesting a slight improvement in wafer prices from US$0.20 in 1H. Citi cited management during the results call expecting 4Q poly and wafer output to remain at similar levels, on strong customer demand.
15/11/2013 13:37
[I-bank focus]Citi lifts GCL-Poly Energy (03800) to HK$3
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