CLSA raised its target price for Xinyi Solar (XYS) (00968) to HK$24.5 from HK$18.9 and maintained its "buy" rating.
The research house said China's glass sector enjoyed a marvelous run in 2H 2020 due to recovery in demand and prices; CLSA expects the robust story to extend further in 2021.
CLSA lifted its 2021/22 core profits by 13.8%/0.8% on (1) higher 2021 solar glass ASP but unchanged for 2022, ie, some YoY ASP decline in 2022 on price normalisation amid more
new supply, offset by own volume growth; (2) recent 520MW solar farm injection into Xinyi Energy (03868).
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