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瑞信:料保利协鑫(3800.HK)今年扭亏为盈 升目标价至2.2港元

Credit Suisse: It is expected that GCL Poly (3800.HK) will turn a loss this year into a profit increase of the target price to HK$2.2

格隆汇 ·  Mar 11, 2021 11:17

According to a report published by Credit Suisse, the price of polysilicon has risen markedly. Currently, it is around 110 yuan per kilogram. Compared with last year's average of 76 yuan per kilogram, it is expected that GCL Poly (3800.HK) will switch from loss to profit this year.

The bank said that the Group's current valuation is equivalent to 15 times this year's price-earnings ratio, which has become more reasonable after recent stock price adjustments. Furthermore, after the subsidiary's significant sale of solar farm assets last year and the relatively large concession allocation of shares in January of this year, the bank believes that the Group's repayment risk has declined.

Credit Suisse upgraded GCL's stock rating from outperforming the market to neutral. The target price was sharply raised from HK$0.22 to HK$2.2, and raised the Group's profit forecast. It was originally estimated that the Group would record losses this year and next two years, but the latest forecast is that it will make profits of HK$2.5 billion and HK$2.7 billion respectively.

The translation is provided by third-party software.


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