20150612-JEFFERIES-保利协鑫能源（3800）：TAKING_DOWN_ESTIMATES_TO_REFLECT_WEAKER_POLYWAFER_PRICING-301564

Polysilicon prices have fallen by more than expected thus far in the year and we are lowering our 2015 estimates by 13% to reflect this.We believe polysilicon prices will likely disappoint in the second half.We believe shares of the company，now trading on 11x 2016 P/E，are undemanding as we believe the company’s downstream aspirations are not fully reflected.We maintain our PT to HK$2.60 and reiterate Buy.