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Research Report

07/05/2021 13:17

{I-bank focus}Daiwa trims Flat Glass Group (06865) to HK$25

[ET Net News Agency, 7 May 2021] Daiwa Research trimmed its target price for Flat Glass
Group (FGG) (06865) to HK$25 from HK$29 and maintained its "buy" rating.
The research house thinks the PV glass price will face another 12-15% cut soon with
worsening dynamics on the massive supply after a 30% price cut in March. Daiwa sees glass
inventory continuing to rise after the domestic peak demand at the end-September before
the National Holiday, thus a further price cut is likely.
However, FGG will be quicker to expand its capacity than peers, thereby offsetting the
drop in ASP, Daiwa added. It cut its 2021-22 earnings forecasts by 13-14% on lower PV
glass ASP estimates, partially offset by rising production volumes. (KL)

Remark: Real time quote last updated: 08/12/2021 17:59
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