• Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
  • Core Pacific Yamaichi Int’l(H.K.)Ltd
Research Extract
07
Aug
 
Xinyi Energy (3868 HK): Maintain BUY John Siah 謝俊鵬

We maintain BUY rating for XYE and tune up TP to HK$3.10 from HK$2.90, representing FY20F PER of 19.7x and dividend yield of 4.8%. We reckon XYE is a good dividend play with stable business outlook. We also consider China authorities’ efforts to address the very lengthy delay in distributing new energy subsidies to operators as a positive driver for XYE’s valuation. Further revaluation relies on the progress of acquiring new solar farms.

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Notes: The information above is for reference only. Investment involves risk, please seek for professional advice before making investment decisions.