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Xinyi Energy Holdings Ltd 03868

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Stock XHKG Rating as of
HK$0.91 +0.01 (1.11%)
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As of Delayed Price Closed
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Company Report

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Xinyi Energy: Guiding Weaker Preliminary Results

Chokwai Lee

No-moat Xinyi Energy guided that it expects its net profit for the first half of 2024 to decrease by 25%-35% year on year. This is weaker than our full-year 2024 earnings growth estimate of about 11% year on year. We keep our earnings forecasts and fair value estimate of HKD 1.60 per share unchanged for now, pending the release of the final first-half results on July 31. We expect Xinyi's near-term share price performance to be pressured by the disappointing guidance.

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Price vs Fair Value

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03868 is trading at a 659% premium.
Price
HK$0.91
Fair Value
HK$1.30
Uncertainty
High
1-Star Price
HK$3.66
5-Star Price
HK$7.45
Economic Moat
Jtl
Capital Allocation
Wtmncgwqx

Bulls Say, Bears Say

Bulls

Growth in electricity consumption and China’s ambitious renewable targets driven by urgent need to reduce carbon emissions will favor Xinyi Energy’s offtake.

Bears

The shortfall in the government’s renewable energy fund has led to delays in subsidy collections.

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Trading Information

Previous Close Price
HK$0.90
Day Range
HK$0.91–0.93
52-Week Range
HK$0.90–2.49
Bid/Ask
HK$0.91 / HK$0.92
Market Cap
HK$7.51 Bil
Volume/Avg
3.5 Mil / 12.5 Mil

Key Statistics

Price/Earnings (Normalized)
7.19
Price/Sales
2.86
Dividend Yield (Trailing)
6.59%
Dividend Yield (Forward)
5.71%
Total Yield
6.59%

Company Profile

Listed in May 2019, Xinyi Energy is a spinoff from its holding company Xinyi Solar, and engages in solar farm operations in China. The company owns a portfolio of utility-scale ground-mounted solar farm projects, with total approved capacity of 3,650.5 megawatts by the end of 2023. Parent Xinyi Solar, a leading solar glass manufacturer and solar farm developer, retains about a 52% stake in Xinyi Energy.
Sector
Utilities
Industry
Utilities - Renewable
Stock Style Box
Mid Value
Total Number of Employees
385
Website
https://www.xinyienergy.com

Competitors

Valuation

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Metric
03868
01798
01816
Price/Earnings (Normalized)
 7.195.9914.46
Price/Book Value
 0.570.791.32
Price/Sales
 2.861.091.86
Price/Cash Flow
 4.141.65—
Price/Earnings
03868
01798
01816

Financial Strength

Metric
03868
01798
01816
Quick Ratio
 1.181.170.42
Current Ratio
 1.191.180.94
Interest Coverage
 4.573.094.73
Quick Ratio
03868
01798
01816

Profitability

Metric
03868
01798
01816
Return on Assets (Normalized)
 4.95%3.32%4.17%
Return on Equity (Normalized)
 8.05%19.38%15.31%
Return on Invested Capital (Normalized)
 6.84%5.21%5.97%
Return on Assets
03868
01798
01816
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