UBS Global Research lifted its target price for Xinyi Solar (00968) to HK$28 from HK$17.8 and maintained its "buy" rating.
The research house lifted its earnings forecasts for Xinyi Solar by 21.1%/10.4%/2.7% in 2020/21/22 to reflect (1) higher ASP in 2020; (2) higher capacity additions in 2021-22; and (3) partly offset by lower margins as supply/demand becomes more balanced.
Given the long construction period and high entry barriers, UBS expects a new supply of
polysilicon in 2021-22 to remain limited and could be a cap on all key upstream sectors, leading to strong profitability for polysilicon makers.
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