Kaustubh Sanjay​ ​Jagtap

NUS Investment Society

Equity Bottom-Up

We are initiating coverage of UA with a Sell rating and a $32.10 12M price target.
3Q17 Earnings Review
Despite the uncertain and challenging business environment, the Group has achieved another encouraging result for the six months. As compared with the same period in 2016, revenue of the Group rose by 67.2% to HK$5,309.7 million and profit attributable to equity holders of the Company increased by 12.5% to HK$1,254.9 million for the six months ended 30 June 2017. Basic earnings per share were…

12M Industry Outlook
1. Rise in solar power technology worldwide, including emerging markets: Morgan Stanley forecasts that numerous key markets recently reached an inflection point where renewables have become the cheapest form of new power generation, a dynamic we see spreading to nearly every country we cover by 2020. By the end of 2019, Moody’s estimates, emerging markets will host 353GW of solar capacity —a 2.6-fold increase over 2015 levels — eclipsing an estimated 349GW of wind power, a…

China

Xinyi Solar Holdings Limited manufactures solar glass.  The Company produces ultra-clear photovoltaic raw glass and ultra-clear photovoltaic processed glass. Xinyi Solar Holdings offers its products to major solar product component manufactures both domestically and internationally.