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<Research>BofAS Reiterates Underperform for XINYI SOLAR (00968.HK), Expects Continued Oversupply This Yr
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A research report by BofA Securities indicated that XINYI SOLAR (00968.HK) charted a 16% YoY decline in NPAT last year at HKD845 million, which was below the broker's expectations. The annual sales volume inched up by 4.2% YoY, but it failed to offset to solar glass price slump resulting in revenue contraction. The broker expected XINYI SOLAR to make further impairment on its polysilicon projects due to structural oversupply in the market, which may not be operational in the foreseeable future and lacks buyers. In terms of pricing, the demand for solar modules in China is meager this year, and management hinted that the price of 2mm glass may further decrease to below RMB10 per sqm. Based on the bleak outlook, BofA Securities reiterated its Underperform rating on XINYI SOLAR with a target price of HKD2.3. AASTOCKS Financial News Website: www.aastocks.com |
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