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<Research>BOCOMI Expects Glass Prices to Bottom Out & Rebound Amid Sector's Significant Production Cuts, Adds FLAT GLASS (06865.HK) TP to $11.45
FLAT GLASS (06865.HK) issued a profit warning expecting 1H25 profit to be RMB230-280 million, with 2Q25 profit ranging from RMB120 million to RMB170 million, according to BOCOMI...
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<Research>BOCOMI Expects Glass Prices to Bottom Out & Rebound Amid Sector's Significant Production Cuts, Adds FLAT GLASS (06865.HK) TP to $11.45
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FLAT GLASS (06865.HK)  -0.280 (-2.622%)    Short selling $10.68M; Ratio 10.874%   issued a profit warning expecting 1H25 profit to be RMB230-280 million, with 2Q25 profit ranging from RMB120 million to RMB170 million, according to BOCOMI's research report.

Since June, the photovoltaic glass industry significantly reduced production, and the inventory accumulation rate has slowed substantially in the past week, the broker noted. Further large-scale production cuts are anticipated. BOCOMI projected destocking to begin in August, with glass prices likely to bottom out and rebound thereafter.

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Due to product prices being weaker than expected, BOCOMI lowered its 2025-2027 profit forecasts for the Company, and maintained the valuation benchmark at 1.1x of 2025 PB ratio. Due to the RMB appreciation, the broker added its target price to $11.45 (previously $11.3), with rating kept at Buy.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-23 12:25.)

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