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01772 GANFENGLITHIUM
RTNominal up149.000 +0.800 (+0.540%)
Research Report

08/06/2021 15:32

{I-bank focus}Daiwa lifts Ganfeng Lithium (01772) to HK$150

[ET Net News Agency, 8 June 2021] Daiwa Research lifted its target price for Ganfeng
Lithium (01772) to HK$150 from HK$145 and maintained its "buy" rating.
The research house sees the 4Q 2020 net profit miss due to impairment, and 1Q 2021 net
profit miss due to a plant retrofit as dragging on Ganfeng's share price.
With the long-term contractual hydroxide price likely to surge from 3Q and a further
hike in the hydroxide output, Daiwa expects investors' concerns on its profit miss to be
eased, if not removed, on improvement in its hydroxide segment's results.
Daiwa also sees the completion of the capacity ramp-up for Xinyu Mahong Phase III by
end-2Q boosting Ganfeng's quarterly hydroxide capacity from 15kt in 2Q to 20kt in 3Q. In
view of the ASP and output hikes for hydroxide, Daiwa expects its 2H recurring net profit
to come in at CNY1.2bn, above Ganfeng's 1H21 reported net profit guidance of
CNY800-1,200m. (KL)

Remark: Real time quote last updated: 22/10/2021 09:05
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