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Fri, 04 Oct 2013
Equi ty Research GCL-Poly Energy (3800 HK) Solar / China
Margin to further rebound in 2H13
Polysilicon leads solar sector bottoming out. Since August 2013, we noticed polysilicon
spot price begun to bottom out, increasing from US$16.3/kg to US$ 18.1/kg, or 11.1%. We
expect average polysilicon price to rise to US$18.0/kg in 2H13, versus US$16.9/kg in 1H13,
or 6.5% HoH. We believe the polysilicon sector will lead the solar sector recovery as a result
of higher entry barrier and restarting cost. We have seen the number of operational
polysilicon plants in China to reduce from 30+ in 2011 to 5 now. We expect the list to further
shrink and GCL’s market share should continue to increase. TBEA (600089: CH,NR) is the
only polysilicon producer that is still ramping up and its capacity of 12,000 tons should start
production by the end of 2013. However, its scale and cost structure are still far behind
GCL.
Anti-dumping ruling on polysilicon impact is limited. FCOM’s anti-dumping ruling
again polysilicon import, despite positive for GCL, has rather limited impact so far as GCL’s
leading competitor OCI (010060:KS, NR) needs to pay merely 2.4% anti-dumping duty.
However, with increasing government support on downstream segment, we expect
installation in China to reach 10GW in 2013, up 100% from 5GW in 2012. This should
sustain the sector’s recovery and we expect the government to announce more favorable
policies until the leading producers in the value chain return to profitability.
Margin to rebound as utilization improves and processing cost decreases. We
expect GCL’s gross margin to improve from 6.6% to 11.2% in 2H13 mainly driven by
polysilicon price increases. With higher utilization and new processing technologies, such
as moving from 500kg wafer furnace to 880 kg and 1,200 kg furnaces, diamond wire sawing,
FBR, etc, we estimate GCL’s gross margin to further improve to 16.1% in 2014 and 19.5%
in 2015. However, due to the company’s high gearing ratio, we estimate GCL’s to make an
EPS loss of HK$0.04 in 2H13, versus a loss of HK$0.06 in 1H13. We expect the company
to break-even in 2014 and generated an EPS of HK$0.09 in 2015.
High gearing hinders profitability. We view the largest hurdle for GCL to return to
profitability is its high gearing ratio, which was 179.7% in net gearing as of 1H13. However,
as the company emerges from a sector downturn, we believe the high gearing ratio will
unlikely to be changed.
Valuation: Our target price of HK$3.20 is based on 3.0x 2014 P/B, implying 32% upside.
The company has been traded at forward P/B ratio of 0.8x-3.7x.
Min Li
Analyst
+852 2135 0205
Initial Coverage
BUY
Close price: HK$2.43
Target Price: HK$3.20 (+32%)
Key Data
HKEx code 3800
12 Months High (HK$) 2.52
12 Month Low (HK$) 1.13
3M Avg Dail Vol. (mn) 137.35
Issue Share (mn) 15,480.26
Market Cap (HK$mn) 37,617.03
Fiscal Year 12/2012
Major shareholder (s) Zhu Gongshan (32.42%)
Source: Company data, Bloomberg, OP Research
Closing price are as of 4/10/2013
Price Chart
1mth 3mth 6mth
Absolute % 20.9 51.9 73.6
Rel. MSCI CHINA % 17.1 37.0 66.5
Exhibit 1: Forecast and Valuation Year to Dec (HK$ mn) FY11A FY12A FY13E FY14E FY15E
Revenue 25,506 22,348 22,896 26,211 29,036
Growth (%) 38.1% -12.4% 2.5% 14.5% 10.8%
Net profit 4,275 -3,516 -1,559 21 1,397
Growth (%) 6.2% NA NA NA NA
Diluted EPS 0.28 -0.23 -0.10 0.00 0.09
Consensus EPS -0.06 0.09 0.21
EPS growth (%) 6.2% NA NA NA NA
ROE (%) 20.79 (21.69) (10.64) 0.14 8.69
P/E (x) 8.6 -10.5 -23.6 1745.9 26.4
P/B (x) 1.7 2.1 2.3 2.2 2.0
Yield (%) 2.3% 0.0% 0.0% 0.0% 0.0%
DPS 0.05 0.00 0.00 0.00 0.00 Source: Bloomberg, OP Research
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Oct/12 Jan/13 Apr/13 Jul/13 Oct/13
HK$3800 HK MSCI CHINA
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
Page 2 of 12
Exhibit 2: GCL Result Review
(HK$ mn) 2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E 1H10A 2H10A 1H11A 2H11A 1H12A 2H12A
Poly-silicon Produced(MT) 1,850 7,454 17,853 29,414 37,055 46,980 55,000 65,000 7,032 10,821 12,026 17,388 25,233 11,822
Poly-silicon for in-house use(MT) (320) (1,779) (7,346) (26,602) (24,462) (28,882) (32,300) (35,150) (1,638) (5,708) (10,518) (16,084) (16,221) (8,241)
Poly-silicon sold outside(MT) 1,530 5,675 10,507 2,812 12,593 18,098 22,700 29,850 5,394 5,113 1,508 1,304 9,012 3,581
ASP(HKD/kg) 1,891 507 409 373 161 136 146 143 388 431 483 246 180 112
Poly-silicon Revenue(HK$ mn) 2,893 2,880 4,293 1,049 2,025 2,457 3,305 4,280 2,091 2,202 729 321 1,624 401
Wafer shipment (MW) 39 46 1,451 4,451 5,594 7,800 8,500 9,500 229 1,222 2,076 2,375 3,186 2,408
Wafer ASP(HK$/W) 2.33 6.42 6.33 4.20 1.94 1.55 1.63 1.55 6.16 6.36 5.50 3.07 2.10 1.76
Wafer Revenue(HK$ mn) 91 298 9,182 18,703 10,852 12,105 13,834 14,688 1,410 7,772 11,416 7,286 6,677 4,242
Other Solar Business(HK$ mn) 426 0 568 726 945 1,214 1,558 1,885 147 421 546 180 653 292
Solar Power Plant Project(HK$ mn)
2,581 390
2,581
Electricity 0 1,114 2,673 3,004 3,501 3,723 4,228 4,665 1,290 1,383 1,488 1,516 1,671 1,831
Steam 0 476 1,397 1,690 1,888 1,951 2,231 2,463 664 733 805 885 939 949
Coal 0 176 358 334 490 1,056 1,056 1,056 191 167 190 144 219 271
Revenue 3,948 4,944 18,472 25,506 22,348 22,896 26,211 29,036 5,794 12,678 15,174 10,332 11,782 10,566
YoY
25% 274% 38% -12% 2% 14% 11% 358% 245% 162% -19% -22% 2%
Gross profit 2,834 1,491 6,811 8,466 1,749 2,044 4,209 5,670 1,520 5,291 5,857 2,610 1,689 60
YoY
-47% 357% 24% -79% 17% 106% 35% 189% 449% 285% -51% -71% -98%
Operating profit 2,620 915 5,581 6,389 (1,732) (361) 1,588 2,911 1,163 4,418 5,072 1,317 607 (2,339)
YoY
-65% 510% 14% -127% -79% -539% 83% 167% 821% 336% -70% -88% -278%
Other non-operating gain(loss) (33) (972) (33) (550) (1,529) (1,078) (1,387) (1,092) (63) 42 (127) (423) (747) (782)
Net income 2,156 (200) 4,024 4,275 (3,516) (1,559) 21 1,397 788 3,249 3,610 665 (330) (3,185)
YoY
-109% -2114% 6% -182% -56% -101% 6520% 97% 1184% 358% -80% -109% -579%
EPS 0.40 (0.02) 0.26 0.28 (0.23) (0.10) 0.00 0.09 0.05 0.21 0.23 0.04 (0.02) (0.21)
Gross margin 71.8% 30.2% 36.9% 33.2% 7.8% 8.9% 16.1% 19.5% 26.2% 41.7% 38.6% 25.3% 14.3% 0.6%
Operating margin 66.4% 18.5% 30.2% 25.0% -7.8% -1.6% 6.1% 10.0% 20.1% 34.8% 33.4% 12.7% 5.2% -22.1%
Net margin 54.6% -4.0% 21.8% 16.8% -15.7% -6.8% 0.1% 4.8% 13.6% 25.6% 23.8% 6.4% -2.8% -30.1%
Total debt 7,779 8,572 14,232 32,382 36,447 38,168 35,168 32,168
Interest expense (72) (349) (606) (1,166) (2,309) (2,158) (2,017) (1,683)
Source: Company, OP Research
Exhibit 3: GCL Forward P/B Trent
Source: Bloomberg, OP Research
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
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Exhibit 4: We expect global demand to increase 17% YoY to 36GW in 2013
Forecast
Country 2007A 2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E
Australia 0 10 23 320 837 1,000 1,500 2,000 2,500
Belgium 18 50 292 424 996 599 300 300 300
Bulgaria 0 2 7 11 105 767 200 250 300
Canada 10 28 58 105 297 268 300 500 1,000
China 20 45 160 520 2,000 5,000 10,000 10,000 11,000
Czech Republic 3 51 411 1,490 6 113 100 150 200
France 11 46 185 2,069 150 1,079 1,200 1,500 2,000
Germany 1,271 1,809 3,806 7,408 7,500 7,600 6,000 4,500 4,000
Greece 2 11 36 150 426 912 450 550 650
India 20 40 30 40 190 980 1,500 2,000 2,500
Israel 0 0 0 60 120 60 50 50 50
Italy 70 338 711 5,821 5,500 3,438 2,500 3,000 3,000
Japan 210 230 484 900 1,296 2,000 2,500 2,500 3,000
Portugal 14 50 32 16 47 49 220 250 280
South Korea 60 274 168 131 157 252 300 400 500
Spain 560 2,605 69 369 472 276 250 500 500
UK 4 6 10 45 813 925 1,000 1,500 2,000
USA 207 342 477 878 1,867 3,346 3,500 5,000 6,500
Rest of Europe 16 92 46 669 1,546 1,401 1,500 2,000 2,500
Rest of world 98 61 198 488 1,216 1,030 3,000 4,500 5,500
Total 2,594 6,090 7,203 21,914 25,541 31,095 36,370 41,450 48,280
YoY 135% 18% 204% 17% 22% 17% 14% 16%
Accumulated 9,585 15,675 22,878 44,792 70,333 101,428 137,798 179,248 227,528
Source: EPIA, OP Research
Exhibit 5: Global solar installation grows at 46% CAGAR for the past 15 years
(MW) 1998A 1999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A
Spain 0 1 0 2 9 10 6 26 88 560 2,605 69 369 472 276
Germany 10 12 40 78 80 150 600 850 850 1,271 1,809 3,806 7,408 7,500 7,600
USA 0 17 22 29 44 63 90 114 145 207 342 477 878 1,867 3,346
Japan 69 72 112 135 185 223 272 290 287 210 230 484 900 1,296 2,000
China 20 45 160 520 2,000 5,000
Southern Europe
86 399 779 5,987 5,973 4,399
Rest of Europe 8 11 10 16 16 50 30 30 37 52 247 951 4,708 3,616 4,884
Rest of the world 68 84 94 75 104 98 53 12 196 188 413 477 1,144 2,817 3,590
Total 155 197 278 335 438 594 1,051 1,322 1,603 2,594 6,090 7,203 21,914 25,541 31,095
YoY 27% 41% 21% 31% 36% 77% 26% 21% 62% 135% 18% 204% 17% 22%
Source: EPIA, OP Research
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
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Exhibit 6: Polysilicon price starts to rebound in mid-Aug 2013
Source: PV Insight, OP Research
Exhibit 7: Solar Wafer spot price trend
Source: PV Insight, OP Research
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
1-Jul-09 1-Jul-10 1-Jul-11 1-Jul-12 1-Jul-13
(PolySilicon weekly spot price trend in $/kg)
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
1-Jul-09 1-Jul-10 1-Jul-11 1-Jul-12 1-Jul-13
6InPoly Wafer 6InMono Wafer
(Solarwafer weekly spot price trend in $/kg)
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
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Exhibit 8: Solar Cell spot price trend
Source: PV Insight, OP Research
Exhibit 9: Solar Module spot price trent
Source: PV Insight, OP Research
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1-Jul-09 1-Jul-10 1-Jul-11 1-Jul-12 1-Jul-13
(Solar cell weekly spot price trend in $/kg)
0.00
0.50
1.00
1.50
2.00
2.50
1-Jul-09 1-Jul-10 1-Jul-11 1-Jul-12 1-Jul-13
(Solar silicon weekly spot price trend in $/kg)
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
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Exhibit 10: Solar is reaching 6% of German electricity consumption
Source: EPIA, OP Research
Exhibit 11: Historical PV Production and Market
Source: EPIA, OP Research
0
10
20
30
40
50
0
2
4
6
8
10
Belgium Bulgaria Czech Republic
France Germany Greece Italy Spain
PV average contrubution to electricity consumption in 2012 (LHS)
PV maximum instantaneous contribution to electricity consumption in 2012 (RHS)
0%
20%
40%
60%
80%
100%
Pro
dcutio
n -
2000
Mark
et -
2000
Pro
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2002
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2002
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2003
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2003
Pro
dcutio
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2004
Mark
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2004
Pro
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2005
Mark
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2005
Pro
dcutio
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2006
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2006
Pro
dcutio
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2007
Mark
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2007
Pro
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2008
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2008
Pro
dcutio
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2009
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2009
Pro
dcutio
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2010
Mark
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2010
Pro
dcutio
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2011
Mark
et -
2011
Pro
dcutio
n -
2012
Mark
et -
2012
Europe APAC Americas China ROW
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
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Exhibit 12: China accounts for 35% global polysilicon capacity and 78%
wafer capacity
Polysilicon
Wafers
Source: EPIA, OP Research
China - Capacity35%
Europe - Capacity17%
APAC - Capacity20%
Americas -Capacity
28%
China -Production
27%
Europe -Production
20%
APAC -Production
19%
Americas -Production
34%
China - Capacity78%
Europe - Capacity8%
APAC - Capacity13%
Americas -Capacity
1%
China -Production
80%
Europe -Production
7%
APAC -Production
12%
Americas -Production
1%
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
Page 8 of 12
Exhibit 13: China accounts for 71% global solar cell capacity and 73% c-si
module capacity
C-Si cells
C-Si modules (incl. high-efficiency modules)
Source: EPIA, OP Research
China - Capacity71%
Europe - Capacity5%
APAC - Capacity22%
Americas -Capacity
2%
China -Production
66%Europe -
Production
5%
APAC -Production
27%
Americas -Production
2%
China - Capacity73%
Europe - Capacity13%
APAC - Capacity11%
Americas -Capacity
3%
China -Production
69%
Europe -Production
14%
APAC -Production
13%
Americas -Production
4%
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
Page 9 of 12
Financial Summary
Year to Dec FY11A FY12A FY13E FY14E FY15E
Year to Dec FY11A FY12A FY13E FY14E FY15E
Income Statement (HK$ mn)
Ratios
Turnover 25,506 22,348 22,896 26,211 29,036
Gross margin (%) 33.2 7.8 8.9 16.1 19.5
YoY% 38 (12) 2 14 11
Operating margin (%) 25.0 (7.8) (1.6) 6.1 10.0
COGS (17,039) (20,599) (20,852) (22,002) (23,367)
Net margin (%) 16.8 (15.7) (6.8) 0.1 4.8
Gross profit 8,466 1,749 2,044 4,209 5,670
SG&A/Sales (%) 6.9 8.9 7.4 7.0 6.5
Gross margin 33.2% 7.8% 8.9% 16.1% 19.5%
Payout ratio (%) 19.9 0.0 0.0 0.0 0.0
Other income/(expense) (321) (1,486) (716) (786) (871)
Effective tax (%) 21.7 (3.8) 2.1 14.9 15.0
SG&A (1,756) (1,995) (1,689) (1,835) (1,887)
Total debt/equity (%) 172.5 242.5 280.1 259.2 218.0
Total opex (2,077) (3,481) (2,405) (2,621) (2,758)
Net debt/equity (%) 129.2 195.9 212.3 206.5 176.1
Operating profit (EBIT) 6,389 (1,732) (361) 1,588 2,911
Current ratio (x) 1.03 0.73 0.64 0.68 0.77
Operating margin 25.0% -7.8% -1.6% 6.1% 10.0%
Quick ratio (x) 0.86 0.62 0.55 0.58 0.65
Provisions 0 0 0 0 0
Inventory T/O (days) 78 61 61 61 61
Other non-operating income 517 594 927 500 500
AR T/O (days) 165 232 232 232 232
Net Finance costs (1,070) (2,120) (2,023) (1,889) (1,595)
AP T/O (days) 211 190 190 190 190
Profit after financing costs 5,836 (3,258) (1,457) 199 1,816
Cash conversion cycle (days) 31 103 103 103 103
Associated companies & JVs 3 (4) 17 2 3
Asset turnover (x) 0.38 0.33 0.34 0.40 0.44
Pre-tax profit 5,839 (3,261) (1,439) 201 1,819
Financial leverage (x) 3.05 3.82 4.17 3.99 3.61
Tax (1,269) (124) 30 (30) (272)
EBIT margin (%) 25.0 (7.8) (1.6) 6.1 10.0
Minority interests (295) (130) (150) (150) (150)
Interest Coverage (x) 7.74 0.48 1.48 2.66 4.03
Extraordinary gain/(loss) 0 0 0 0 0
Return on equity (%) 20.8 (21.7) (10.6) 0.1 8.7
Net profit 4,275 (3,516) (1,559) 21 1,397
ROIC (%) 7.6 (6.3) (2.8) 0.0 2.7
YoY% 5 NA NA NA 805
Net margin 16.8% -15.7% -6.8% 0.1% 4.8%
Year to Dec FY11A FY12A FY13E FY14E FY15E
EBITDA 8,285 1,026 2,984 5,018 6,434
Balance Sheet (HK$ mn)
EBITDA margin 32.5% 4.6% 13.0% 19.1% 22.2%
Fixed assets 41,181 42,233 40,095 38,040 36,033
EPS (HKD) 0.28 (0.23) (0.10) 0.00 0.09
Intangible assets & goodwill 1,062 899 835 771 707
YoY% 6 NA NA NA NA
Long-term investments 388 451 469 471 474
DPS (HKD) 0.05 0.00 0.00 0.00 0.00
Other non-current assets 2,842 2,067 2,528 2,528 2,528
Non-current assets 45,473 45,650 43,927 41,810 39,742
Year to Dec FY11A FY12A FY13E FY14E FY15E
Cash Flow (HK$ mn)
Inventories 3,627 3,425 3,467 3,659 3,885
EBITDA 8,285 1,026 2,984 5,018 6,434
AR 7,040 8,681 8,894 10,182 11,280
Chg in working cap (4,744) (860) (259) (1,701) (1,313)
Other current assets 4,466 5,567 5,671 6,493 7,192
Others 1,033 2,351 927 500 500
Cash 6,883 4,496 6,302 3,889 3,191
Operating cash 4,574 2,517 3,653 3,817 5,621
Current assets 22,015 22,169 24,335 24,223 25,548
Interests paid (1,075) (2,222) (2,158) (2,017) (1,683)
Tax (1,857) (191) 30 (30) (272)
AP 7,628 9,128 9,240 9,749 10,354
Net cash from operations 1,641 104 1,525 1,770 3,665
Shorterm debt 11,582 19,705 27,115 24,115 21,115
Other current liabilities 2,242 1,607 1,626 1,716 1,822
Capex (14,866) (3,908) (1,145) (1,311) (1,452)
Current liabilities 21,452 30,439 37,981 35,580 33,292
Investments (59) (153) (461) 0 0
Acquisitions/Sales of assets 0 (451) 31 0 0
Bank loans & leases 20,800 16,741 11,053 11,053 11,053
Others (3,272) (798) 135 127 89
Others 3,102 2,867 2,867 2,867 2,867
Investing cash (18,198) (5,311) (1,440) (1,183) (1,363)
Non-current liabilities 23,902 19,609 13,920 13,920 13,920
FCF (16,557) (5,207) 85 587 2,301
Total net assets 22,134 17,771 16,361 16,532 18,079
Issue of shares and buy-back (44) 0 0 0 0
Minority interests 83 405 0 0 0
Shareholder's equity 20,567 16,210 14,651 14,672 16,068
Dividends paid (883) (1,427) 0 0 0
Share capital 9,310 8,463 8,463 8,463 8,463
Net change in debt 17,445 3,953 1,721 (3,000) (3,000)
Reserves 11,258 7,747 6,188 6,209 7,606
Others 7 (92) 0 0 0
Minority Interest 1,567 1,560 1,710 1,860 2,010
Financing cash 16,609 2,839 1,721 (3,000) (3,000)
BVPS (HK$) 1.43 1.15 1.06 1.07 1.17
Net change in cash 52 (2,368) 1,807 (2,413) (699)
Exchange rate or other Adj 325 (20) 0 0 0
Total debts 35,484 39,314 41,035 38,035 35,035
Opening cash 6,505 6,883 4,496 6,302 3,889
Net cash/(debts) 28,602 34,818 34,733 34,146 31,844
Closing cash 6,883 4,496 6,302 3,889 3,191
CFPS (HK$) 0.024 (0.154) 0.117 (0.156) (0.045)
Source: Company, OP Research
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
Page 10 of 12
Exhibit 14: Peer Group Comparison
Company Ticker Price
Mkt cap
(US$m)
3-mth
avg t/o
(US$m)
PER
Hist (x)
PER
FY1 (x)
PER
FY2 (x)
EPS
FY1
YoY%
EPS FY2
YoY%
3-Yr EPS
Cagr (%)
Div yld
Hist (%)
Div yld
FY1 (%)
P/B
Hist (x)
P/B
FY1 (x)
EV/
Ebitda
Hist
EV/
Ebitda
Cur Yr
Net
gearing
Hist (%)
Gross
margin
Hist (%)
Net
margin
Hist (%)
ROE
Hist
(%)
ROE
FY1
(%)
Sh px
1-mth %
Sh px
3-mth %
Gcl-Poly Energy 3800 HK 2.43 4,851 35.7 N/A N/A 1,745.9 N/A N/A N/A N/A 0.0 2.07 2.25 22.8 22.4 194.1 7.8 (15.7) (21.7) (10.6) 20.9 49.1
HSI 23,138.54 10.7 11.1 10.3 (3.3) 7.9 4.7 3.3 3.5 1.46 1.38 13.6 12.4 3.6 13.0
HSCEI 10,517.28 8.3 7.8 7.2 5.7 9.0 8.4 3.9 4.1 1.26 1.16 15.2 14.8 2.8 16.5
CSI300 2,409.04 11.7 10.5 8.9 11.6 15.0 2.4 2.5 1.65 1.49 14.1 14.2 4.1 8.8
Adjusted sector avg* 42.6 36.3 26.5 35.5 193.2 (135.7) 0.5 0.1 1.27 1.49 (6.8) 14.9 102.9 (9.8) (33.7) (26.0) (7.7) 23.3 47.5
Thin Film Producer
Hanergy Solar Gr 566 HK 1.23 4,403 16.8 12.6 N/A N/A N/A N/A N/A N/A N/A 1.86 N/A 18.5 N/A 0.7 71.4 47.7 15.6 N/A 59.7 108.5
Polysilicon Producer
Comtec Solar 712 HK 1.93 331 5.7 N/A 42.3 16.7 N/A 152.8 (199.7) N/A 0.4 1.23 1.18 16.0 13.7 9.6 8.1 (16.1) (3.6) 3.0 6.0 12.2
Daqo New Ene-Adr DQ US 26.85 186 2.5 N/A N/A N/A N/A N/A N/A N/A N/A 0.92 1.66 (52.4) (3.3) 94.6 (43.1) (128.9) (43.6) (199.1) 168.6 159.4
Oci Co Ltd 010060 KS 180,000.00 4,010 30.4 81.8 N/A N/A N/A N/A 67.9 0.2 0.6 1.28 N/A 13.1 N/A 27.1 5.8 2.2 1.6 N/A 11.8 35.3
Wacker Chemie Ag WCH GR 75.81 5,384 6.5 33.4 178.8 39.2 (81.3) 356.1 10.8 0.8 0.2 1.82 1.68 5.6 7.3 29.1 17.5 2.4 1.4 0.8 (1.0) 30.6
Renewable Energy REC NO 2.85 1,105 19.7 N/A N/A N/A N/A N/A (120.8) N/A 0.0 0.83 0.93 1.3 15.2 25.7 N/A (84.4) (22.9) (9.2) (6.5) 24.5
Sunedison Inc SUNE US 8.50 2,265 50.1 N/A N/A 16.8 N/A N/A (200.4) N/A 0.0 6.04 5.15 22.2 16.9 265.1 13.3 (6.0) (39.6) (2.8) 15.6 4.6
Solar Wafer Producer
Ldk Solar Co-Adr LDK US 1.69 329 4.1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (9.9) N/A N/A (40.9) (130.4) N/A N/A 7.0 30.0
Solargiga Energy 757 HK 0.39 162 0.5 N/A N/A 8.6 N/A N/A N/A N/A N/A 0.86 N/A (8.3) N/A 179.5 (29.2) (128.1) (55.4) N/A 5.4 0.0
Renesola Ltd-Adr SOL US 5.07 515 17.5 N/A N/A 46.1 N/A N/A (73.9) N/A N/A 1.40 1.56 (21.1) 19.0 221.9 2.7 (23.5) (45.2) (25.3) (10.1) 129.4
Sino-American 5483 TT 41.00 731 5.9 N/A 35.3 26.8 N/A 31.7 N/A N/A 8.5 1.14 N/A (25.7) N/A 25.7 (44.3) (54.1) (12.6) N/A 13.6 5.9
Green Energy Tec 3519 TT 23.25 273 3.0 N/A N/A N/A N/A N/A N/A N/A N/A 0.75 0.97 (12.5) N/A 104.6 (29.6) (36.3) (31.9) N/A 5.4 1.8
Danen Technology 3686 TT 14.45 130 1.7 N/A N/A N/A N/A N/A N/A N/A N/A 0.74 N/A (13.8) N/A 29.6 (81.6) (84.2) (17.3) N/A 12.5 21.4
Solar Cell Producer
Ja Solar Hol-Adr JASO US 10.81 468 21.7 N/A N/A N/A N/A N/A N/A N/A 0.0 0.63 N/A (14.0) 28.9 49.9 (0.8) (24.7) (26.0) N/A 24.7 54.2
Motech Industrie 6244 TT 56.30 839 8.1 N/A N/A 80.9 N/A N/A (67.1) N/A 0.0 1.78 2.11 (12.0) N/A 7.4 (26.9) (49.3) (30.7) N/A 33.7 43.1
Gintech Energy 3514 TT 31.65 421 6.2 N/A N/A 32.6 N/A N/A (156.0) N/A 0.0 0.88 0.95 (14,926.1) N/A 59.0 (4.7) (13.8) (14.7) N/A 21.3 8.2
Neo Solar Power 3576 TT 31.60 821 11.5 N/A N/A 66.8 N/A N/A N/A N/A N/A 1.33 1.40 (12.2) 12.9 14.1 (26.5) (34.0) (32.8) (7.6) 37.3 40.2
E-Ton Solar 3452 TT 15.50 412 3.0 N/A N/A N/A N/A N/A N/A N/A N/A 1.05 N/A (23.3) N/A 22.0 (51.5) (87.8) (22.5) N/A 25.5 24.0
Integrated Module Producer
Suntech Powe-Adr STP US 1.60 288 4.7 N/A N/A N/A N/A N/A N/A N/A N/A 0.36 N/A 26.7 N/A 188.4 12.3 (32.4) (48.0) N/A 60.0 58.4
Yingli Green-Adr YGE US 7.28 1,213 28.1 N/A N/A N/A N/A N/A (143.6) N/A 0.0 4.71 3.98 (20.6) 36.8 318.5 (3.2) (26.9) (105.8) (47.0) 37.6 119.3
Trina Solar-Adr TSL US 16.10 1,271 47.5 N/A N/A N/A N/A N/A (138.4) N/A 0.0 1.61 1.46 (12.4) 155.5 64.3 4.4 (20.6) (26.7) (14.3) 49.8 160.9
Canadian Solar I CSIQ US 19.37 894 42.1 N/A 26.7 6.2 N/A 332.1 (196.6) N/A 0.0 2.71 2.25 (30.0) 10.9 335.3 7.0 (15.1) (42.3) 12.5 43.8 69.5
China Sunerg-Adr CSUN US 5.27 78 2.1 N/A N/A N/A N/A N/A (117.1) N/A N/A N/A N/A (6.9) N/A 7,784.2 (0.4) (45.6) (183.7) N/A 69.5 166.2
Jinkosolar-Adr JKS US 23.82 407 18.4 N/A 34.8 14.9 N/A 133.6 (161.9) N/A N/A 2.50 2.02 (7.3) 7.1 244.4 4.8 (32.2) (50.7) 2.8 26.1 148.6
Hanwha Solar-Adr HSOL US 4.99 420 6.9 N/A N/A N/A N/A N/A N/A N/A N/A 1.09 N/A (8.3) N/A 142.7 (8.8) (42.5) (45.7) N/A 27.6 110.5
* Outliners and "N/A" entries are in red and excl. from the calculation of averages
Source: Bloomberg, OP Research
Fri, 04 Oct 2013
GCL-Poly Energy (3800 HK)
Page 11 of 12
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