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<Research Report>HSBC Global Research Downgrades FLAT GLASS (06865.HK), XINYI SOLAR (00968.HK) to Hold, with Lower TPs
Recommend 21 Positive 51 Negative 26 |
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HSBC Global Research expected solar glass industry leaders to stay competitive given margin pressure and emerging overcapacity risk, but suggested investors waiting for better entry points pending the 2023-24 sector recalibration. FLAT GLASS (06865.HK) and XINYI SOLAR (00968.HK) were downgraded from Buy to Hold, with lower target prices (as listed in a separate table). XINYI SOLAR provides better earnings resilience despite uncertainties from its polysilicon market entry. FLAT GLASS is a purer solar glass play with higher ASP and cost sensitivity. The broker kept XINYI ENERGY (03868.HK), subsidiary of XINYI SOLAR, at Buy and cut its target price from $5.5 to $5.2. AAStocks Financial News |
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