External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

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External broker reports(aggregated public sources)

Sunpower: 2023 China Re-Opening Stock, but CB Conversion Uncertainty Needs To Be Resolved

Sunpower: Extension of CB's Puts Focus Back on GI Business Fundamentals

Sunpower: Resilient Growth Story; Direct Competitor IPO's in China and Highlights Sunpower Value

Equity Bottom-Up

<p></p><ul><li>The disposal of the M&amp;S business for RMB2.29bn has been completed, with two tranches of special dividend of S$0.1406 a share and S$0.1006 a share paid out in June and July.</li><li>New capacity from Tongshan P1, Shantou P2, Xintai Zhengda and Shanxi Xinjiang plants are expected to complete construction in 2021/early 2022 and contribute to the group next year.</li><li>We maintain our <strong>OUTPERFORM</strong> recommendation with an unchanged target price of <strong>$$1.22 </strong>based on the discounted cash flows of each project.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The disposal of the M&amp;S business for RMB2.29bn has been completed, with two tranches of special dividend of S$0.1406 a share and S$0.1006 a share paid out in June and July.New capacity from Tongshan P1, Shantou P2, Xintai Zhengda and Shanxi Xinjiang plants are expected to complete construction in 2021/early 2022 and contribute to the group next year.We maintain our OUTPERFORM recommendation with an unchanged target price of $$1.22 based on the discounted cash flows of each project.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunpower Group (SPWG SP): A purer play on clean energy going forward