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<Research>UBS Initiates Buy on GCL TECH (03800.HK) w/ TP $1.9
Recommend 29 Positive 56 Negative 15 |
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UBS research report covered GCL TECH (03800.HK), which can benefit from supply reductions under anti-involution initiatives, as the company has lower production costs and is more energy efficient than peers. Amidst a bleak market, the company's granular silicon market share climbed from 12% at the beginning of 2024 to 25.8% in 1Q25, with over 40% of its clients being T1/ 2 enterprises. During the course of industry consolidation, the broker expected the company to demonstrate evident excess return capability, alongside continuously improving product quality and purity. The company has a lower PB than its A-share counterparts, but a higher ROIC than its peers; thus, the broker initiated a Buy rating on the company with a target price of HK$1.9. AASTOCKS Financial News Website: www.aastocks.com |
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