
Backtoprofitin2H13,butmarginimprovementseemstohavebeenpriced-inGCL’sFY13netlossofc.HK$664mwaslessthanconsensus'HK$1-1.1bnandourrecurringlossestimateofHK$1bn.Weseemarginsfurtherimprovingwithhigherpolysiliconandwaferpricesin1H14.However,themarketseemstohavealreadybuiltinahigherpolypriceexpectationandtherecanberiskofslowingseasonaldemandandsofteningpricingsteppinginto2Q14.Weviewthe...