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2025-09-17 10:24:25 After GCL TECH (03800.HK) announced a placement of 4.736 billion new shares to Infini Capital Management at a price of $1.15 per share, its stock price leaped 4% yesterday, JPMorgan released a research report saying. However, since July, polysilicon prices hiked. Coupled with its lowest cash cost status, the broker viewed this placement as a negative factor. Nevertheless, the Company's proposal to use part of the proceeds to build capital reserves signifies a positive attitude of the management for anti-involution development. Overall, JPMorgan still believed in GCL TECH's leadership in technology and cost, and cut its target price from $1.8 to $1.7. The broker also reduced its 2025-2027 EPS estimations by 2-10%. Considering the stock dilution, offset by interest cost savings, JPMorgan reiterated rating at Overweight for the Company. ~ AASTOCKS Financial News Website: www.aastocks.com | |