BOCI Research lifted its target price for Xinyi Solar (XYS) (00968) to HK$21.1 from HK$18.6 and reiterated its "buy" rating.
The research house expects solar glass prices to decline by over 30% during 2021, and
potentially drive down sentiment and forecasts. However, BOCI sees this as a unique investment opportunity as it would not only serve XYS well in long-term market share gain but XYS's earnings are also likely to beat consensus next time this year.
BOCI raised its 2021 earnings estimates by 20% on higher ASP and sales volume assumptions, while lowered its 2022 estimates by 10% for the opposite reasons.
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