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<Research>UBS: XINYI SOLAR Says Industry Supply Down 10% in Jul-Aug, Its Production at Full Capacity During Aug
Recommend 12 Positive 22 Negative 9 |
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XINYI SOLAR (00968.HK) performed well this morning and it last printed at $3.28, lifting nearly 4.5% and becoming the biggest blue chip gainer. UBS released a report after XINYI SOLAR attended the investment conference held by the broker yesterday (2 Sep), and shared the latest news on solar glass. According to the company, the industry-wide supply reduction due to maintenance and production cuts in July and August may reach 10,000 tonnes per day, accounting for about 10% of the total supply, which is lower than the 30% reduction reported by some media. The company's management believed a further reduction of 10,000 tonnes per day would be needed to balance supply and demand. According to the broker, XINYI SOLAR's production capacity was running at full capacity in August and was in a state of balancing supply and demand. The company's management said that the decision to reduce utilisation would depend on demand. Average selling prices for solar glass are likely to stabilise in September, supported by reduced supply, but future price trends may depend on demand recovery in 4Q24. UBS maintained its Buy rating and target price of $5.7 on XINYI SOLAR. AAStocks Financial News |
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