BOCI Research lifted its target price for Xinyi Energy (XYE) (03868) to HK$5.6 from HK$3.3 and maintained its "buy" rating.
The research house said XYE's 2H 2020 revenue fell short of expectations, mainly due to lower-than-expected radiation in its operating regions that resulted in utilisation hour drop.
However, the management expects to accelerate asset acquisition in 2021 to achieve at least 30% capacity growth. BOCI reckoned that XYE is well-positioned to acquire solar farms from both parentco and third party on industry consolidation.
It lifted 2021-22 earnings forecasts by 10%/4% respectively to factor in higher capacity assumptions.
03/03/2021 17:53
{I-bank focus}BOCI lifts Xinyi Energy (03868) to HK$5.6
- 經濟通
- 強化版MQ
- 強化版TQ
- 財曆
- Mobile
Web
