[ET Net News Agency, 4 March 2021] Daiwa Research cut its target price for Xinyi Energy
(XYE) (03868) to HK$5 from HK$5.5 but upgraded its rating to "buy" from "outperform".
The research house noted that XYE's management in an investor webcast pledged >30%
capacity growth for 2021 and said the company would recover from the softer-than-expected
2020 results due to the "once-in-50-years" extreme weather.
Daiwa believes the disappointing 2020 results are an exceptional case, while the
company's growth trajectory (>20% 2021-22 capacity CAGR) stays intact. It raised its
2021-22 EPS forecasts by 2.2%-2.6%. (KL)