Backtoprofitin2H13,butmarginimprovementseemstohavebeenpriced-inGCL’sFY13netlossofc.HK$664mwaslessthanconsensus'HK$1-1.1bnandourrecurringlossestimateofHK$1bn.Weseemarginsfurtherimprovingwithhigherpolysiliconandwaferpricesin1H14.However,themarketseemstohavealreadybuiltinahigherpolypriceexpectationandtherecanberiskofslowingseasonaldemandandsofteningpricingsteppinginto2Q14.Weviewthe...
AnhuiConchandCNBMwillreleasetheirannualresultson24Marand25Marrespectively.Wedon’texpectmuchsurpriseonConchgivenitspositiveprofitalert(earningsup50%YoY),butremaincautiousonCNBMduetoitshighgearing.AnhuiConch’sexpectedearningstorise49%YoY.WeestimateConch’s2013earningstorise49%YoYtoRmb9,440m.Weexpecttotalsalesvolumetorise18%YoYto219mtonnesandblendedASPtoincrease3.7%Y...