信义光能(00968)
Following the weak performance in alternative energy stocks,Xinyi Solar has seen corrections in recent months. We think thecompany deserves bargain hunting given its undemandingvaluation and our unchanged assumptions on its capacityexpansion. Reiterate Buy.
Corrections in recent months. Following the weakperformance in alternative energy stocks, Xinyi Solar has seencorrections in recent months.
Assumptions on capacity expansion still valid. Our optimisticoutlook for Xinyi Solar is based on two key assumptions: (1)Completion of three solar glass production lines in Anhui, thePRC and Malaysia in 4Q16-1Q17; and (2) 1.7GW target of totalgrid-connected capacity of solar farms for FY16. After our furtherreview, we think these two key assumptions still hold.
Net profit CAGR of 51.2% for FY15-18E. Our earningsforecasts for Xinyi Solar remain unchanged. We foresee netprofit CAGR of 51.2% for FY15-18E.
Reiterate Buy. Xinyi Solar now trades at undemanding FY17EP/E of 5.9x. We keep our DCF-derived target price for XinyiSolar at HK$4.90, which represents FY17E P/E of 11.1x andoffers 89.2% upside potential. We think Xinyi Solar deservesbargain hunting given its undemanding valuation and ourunchanged assumptions on the company’s capacityexpansion. Reiterate Buy.
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