HSBC Global Research raised its target price for Xinyi Energy (03868) to HK$2.8 from HK$2.7 due to an increase in medium-term earnings driven by higher capacity forecasts.
The research house maintained its "buy" rating for its clear dividend policy of paying no less than 90% of its distributable income as dividends and the company has pledged to pay 100% of its distributable income as dividends in 2019-20.
HSBC updated its 2019/2020 RMB/HKD estimates to 1.12/1.07 from 1.16 for both 2019 and 2020. It also incorporated new capacity addition for 2020-21 as management guided 10-20% capacity growth p.a. from 2020. Following these changes, HSBC's 2019-21 earnings were revised down by 0-3%.
13/09/2019 16:43
{I-bank focus}HSBC raises Xinyi Energy (03868) to HK$2.8
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