HSBC Global Research lowered its target price for GCL-Poly Energy Holdings (03800) to HK$0.35 from HK$0.4 and maintained its "hold" rating.
The research house made no changes to its 2019-21 earnings. It revised down its medium- to long-term wafer sales growth to 3-4% (previous: 5%) as it waits to see the actual customer acceptance of GCL-Poly's new wafer technology.
HSBC was encouraged by the business update on GCL-Poly's new quasi mono conversion plan. The balance sheet issue could potentially be relieved by the plan to divest a 51% stake in its solar farm business to China Huaneng Group, but the deal is still pending.
13/09/2019 17:14
{I-bank focus}HSBC cuts GCL-Poly Energy (03800) to HK$0.35
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