Advanced Soltech (Hold, TP: SEK32.00) - Hit by Chinese Covid-19 outbreak
The company has again been hit by Covid-19 in China, delaying completion of installed capacity (we estimate 216MW at end-Q1, up from 207MW at end-Q4) and reducing realised prices. We believe a prolonged lockdown in China would likely have a further negative impact. We forecast Q1 EBITDA of SEK26m (SEK22m in Q4), helped by FX. We reiterate our HOLD, but have cut our target price to SEK32 (33).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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