J.P. Morgan raised its target price for Xinyi Solar (XYS) (00968) to HK$4.7 from HK$4, and maintained its "overweight" rating.
The research house notes XYS share price is up 53% in the past 3 months (HSCEI up 20%) but it still sees more potential upside, driven by more new solar projects to be announced in 2015 and strong demand for solar farms lifting demand for solar glass.
The new investment vehicle structure to own and operate solar farms should allow for XYS to sign up more new projects than it could have otherwise financed with its own balance sheet. JP Morgan kept its 2015 downstream solar completions unchanged at 900 MW but lifted its 2016 project assumption from 900 MW to 1100 MW.
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