Daiwa lowered the target price of Comdam Solar (0712.HK) from HK$2.00 to HK$1.75, lowering the company's profit expectations for 2011-12 by 19% and 66%, respectively, because it lowered the delivery volume and average sales price expectations for the company's products. Daiwa expects that Camdank Solar will not be able to achieve its 2011 shipment target (currently around 400 million watts; the company shipped 110 million watts in the first half of this year) because the company has reduced the volume of P-type monocrystals that are no longer profitable. Yamato said that the shipment volume of high-efficiency 5-inch N-type monocrystals from Comdam Solar has increased and is expected to account for more than 60% of total shipments in the third quarter of this year. Daiso welcomed this transformation. The bank believes that the entire industry uses quasi-single chips, which will pose a threat to the survival of P-type single chip manufacturers next year. Daiwa maintained its outperforming market rating for this stock. Because it is expected that Comdam Solar will rapidly transition to N-type chips, its operating performance in the second half of this year and 2012 will surpass that of its peers. Yamato expects that with the exception of GCL Poly (3800.HK) and Comdam Solar, almost all solar chip manufacturers will lose money in the third quarter of this year. Comdank Suns closed at HK$1.43 for the full day.