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

$保利协鑫能源(hk03800)$  
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.
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