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Expectations of a strong first-half financial performance for Xinyi Solar came to fruition last week, and the company's stock price has run up by +52% in the last six weeks.
But investors need to look beyond Xinyi Solar's 1H 2021 positive profit alert, as solar glass product prices are on a downwards trend due to unfavorable demand-supply dynamics.
Xinyi Solar currently trades at consensus forward FY 2021 and FY 2022 normalized P/E multiples of 25.0 times and 23.4 times, respectively.