[ET Net News Agency, 14 January 2020] Credit Suisse cut its target price for GCL-Poly
Energy Holdings (03800) to HK$0.35 from HK$0.53 and downgraded its rating to "neutral"
from "outperform".
The research house expects 2020 to be a challenging year for wafer producers, mainly to
be impacted by large capacity expansion (74GW) from mono-wafer. As a result, it expects
GCL Poly's multi-wafer and quasi-mono wafer business is likely to be affected as well,
leading to 34%-43% EPS cuts in FY2020-21 given its thin margin and high earnings
sensitivity.
Credit Suisse cut its FY2019 net profit estimate from Rmb290mn to a loss of Rmb249mn,
due to lower-than-expected polysilicon and multi-wafer prices in 2019, and the earnings
cuts in FY2020-21 were mainly affected by wafer business. (KL)
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03800 GCL TECH
Nominal 
1.090 0.000 (0.000%) Others
14/01/2020 11:45
{I-bank focus}CS lowers GCL-Poly Energy (03800) to HK$0.35
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