BOCOM Research lowered its target price for Xinyi Solar (XYS)(00968) to HK$17.36 from HK$10.9 and maintained its "buy" rating.
The research house said prices of 3.2mm/2.0mm PV glass per sqm have continued to advance amid intensifying short supply, up from RMB26/22.5 in August to >RMB35/28 in October, which significantly beat market expectations. BOCOM expects glass price hikes to go further in 4Q before pulling back from 1Q 2021, but the average price for FY2021 to be still mildly higher than FY2020.
Based on the higher-than-expected price hike of PV glass and lifted expectations on future demand, BOCOM revised up its 2020-22 EPS forecasts by 13-23%.
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