[ET Net News Agency, 26 February 2021] Citi Research lifted its target price for Xinyi
Energy (XYE) (03868) to HK$6.5 from HK$4.6 and reiterated its "buy" rating.
The research house deemed XYE its preferred PRC renewable operator, for (1) sustainable
10-20% capacity growth supported by parental asset injections and rising solar energy
demand in China; (2) strong financial position and low finance cost conducive for
expansion; and (3) committed 90% payout with long-term dividend growth potential.
Citi raised its 2021-22 earnings forecasts by 5% factoring in newly acquired solar
farms. (KL)