DB:13X

Stock Analysis Report

Xinyi Solar Holdings

Executive Summary

Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People’s Republic of China, Malaysia, and internationally.

Snowflake

Fundamentals

Exceptional growth potential with adequate balance sheet.


Similar Companies

Share Price & News

How has Xinyi Solar Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.0%

13X

-1.3%

DE Semiconductor

1.7%

DE Market


1 Year Return

102.8%

13X

4.3%

DE Semiconductor

7.2%

DE Market

Return vs Industry: 13X exceeded the German Semiconductor industry which returned 4.3% over the past year.

Return vs Market: 13X exceeded the German Market which returned 7.2% over the past year.


Shareholder returns

13XIndustryMarket
7 Day-1.0%-1.3%1.7%
30 Day-13.0%-2.9%2.4%
90 Day6.9%-4.0%2.3%
1 Year107.5%102.8%6.0%4.3%10.6%7.2%
3 Year89.4%62.5%19.0%15.2%18.4%8.1%
5 Year142.9%96.6%107.7%97.1%42.3%22.9%

Price Volatility Vs. Market

How volatile is Xinyi Solar Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Xinyi Solar Holdings undervalued compared to its fair value and its price relative to the market?

10.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 13X (€0.52) is trading below our estimate of fair value (€0.58)

Significantly Below Fair Value: 13X is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 13X is poor value based on its PE Ratio (22.1x) compared to the Semiconductor industry average (21.8x).

PE vs Market: 13X is poor value based on its PE Ratio (22.1x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: 13X is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: 13X is overvalued based on its PB Ratio (2.8x) compared to the DE Semiconductor industry average (2.4x).


Next Steps

Future Growth

How is Xinyi Solar Holdings forecast to perform in the next 1 to 3 years based on estimates from 23 analysts?

26.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 13X's forecast earnings growth (26% per year) is above the savings rate (0.2%).

Earnings vs Market: 13X's earnings (26% per year) are forecast to grow faster than the German market (12.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 13X's revenue (20.2% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: 13X's revenue (20.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 13X's Return on Equity is forecast to be high in 3 years time (20.5%)


Next Steps

Past Performance

How has Xinyi Solar Holdings performed over the past 5 years?

22.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 13X's earnings have grown significantly by 22.1% per year over the past 5 years.

Accelerating Growth: 13X's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 13X had negative earnings growth (-30.1%) over the past year, making it difficult to compare to the Semiconductor industry average (20.6%).


Return on Equity

High ROE: 13X's Return on Equity (10.1%) is considered low.


Return on Assets

ROA vs Industry: 13X's Return on Assets is below or equal to the Semiconductor industry average last year.


Return on Capital Employed

ROCE Improving: 13X's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Xinyi Solar Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 13X's short term assets (HK$11.3B) exceeds its short term liabilities (HK$6.7B)

Long Term Liabilities: 13X's short term assets (11.3B) exceeds its long term liabilities (5.4B)


Debt to Equity History and Analysis

Debt Level: 13X's debt to equity ratio (44.7%) is considered high

Reducing Debt: 13X's debt to equity ratio has increased from 17.3% to 44.7% over the past 5 years.

Debt Coverage: 13X's debt is well covered by operating cash flow (25.2%).

Interest Coverage: 13X's interest payments on its debt are well covered by EBIT (7.8x coverage).


Balance Sheet

Inventory Level: 13X has a high level of physical assets or inventory.

Debt Coverage by Assets: 13X's debt is covered by short term assets (assets are 1.419010x debt).


Next Steps

Dividend

What is Xinyi Solar Holdings's current dividend yield, its reliability and sustainability?

2.66%

Current Dividend Yield


Dividend Yield vs Market

company2.7%marketbottom25%1.5%markettop25%3.8%industryaverage1.2%forecastin3Years3.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 13X's dividend (2.66%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: 13X's dividend (2.66%) is low compared to the top 25% of dividend payers in the German market (3.83%).

Stable Dividend: 13X has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 13X's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.8%), 13X's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 13X's dividends in 3 years are forecast to be well covered by earnings (47.2% payout ratio).


Next Steps

Management

What is the CEO of Xinyi Solar Holdings's salary, the management and board of directors tenure and is there insider trading?

8.9yrs

Average management tenure


CEO

Yau Ching Lee (43yo)

8.9yrs

Tenure

HK$18,207,000

Compensation

Mr. Yau Ching Lee is an Executive Director at Xinyi Energy Holdings Limited since June 26, 2015. He serves as the General Manager of both YiDe Glass (Shenzhen) Co., Ltd. and Xinyi Glass Technology (Shenzhe ...


CEO Compensation Analysis

Compensation vs. Market: Yau Ching's total compensation ($USD2.32M) is about average for companies of similar size in the German market ($USD2.95M).

Compensation vs Earnings: Yau Ching's compensation has been consistent with company performance over the past year.


Management Age and Tenure

8.9yrs

Average Tenure

59yo

Average Age

Experienced Management: 13X's management team is seasoned and experienced (8.9 years average tenure).


Board Age and Tenure

6.1yrs

Average Tenure

61yo

Average Age

Experienced Board: 13X's board of directors are considered experienced (6.1 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellHK$2,096,26921 Aug 19
JPMorgan Chase & Co, Brokerage and Securities Investments
EntityCompany
Shares4,446,675
Max PriceHK$0.47
BuyHK$24,042,81620 Aug 19
JPMorgan Chase & Co, Brokerage and Securities Investments
EntityCompany
Shares51,441,601
Max PriceHK$0.47
SellHK$133,652,15421 Jun 19
Xinyi Glass Holdings Limited
EntityCompany
Shares314,000,000
Max PriceHK$0.43
SellHK$2,968,83305 Jun 19
Full Guang Holdings Limited
EntityCompany
Shares6,000,000
Max PriceHK$0.49
SellHK$4,270,20905 Jun 19
Full Guang Holdings Limited
EntityCompany
Shares8,936,000
Max PriceHK$0.48
SellHK$1,895,10805 Jun 19
Full Guang Holdings Limited
EntityCompany
Shares3,900,000
Max PriceHK$0.49
BuyHK$149,397,48115 Mar 19
Xinyi Glass Holdings Limited
EntityCompany
Shares380,000,000
Max PriceHK$0.39
SellHK$149,397,48112 Mar 19
Xinyi Glass Holdings Limited
EntityCompany
Shares380,000,000
Max PriceHK$0.39

Ownership Breakdown


Management Team

  • Daniel Chu (49yo)

    Financial Controller & Company Secretary

    • Tenure: 0yrs
  • Man Li (64yo)

    Executive Director

    • Tenure: 6.1yrs
    • Compensation: HK$7.41m
  • Yin Yee Lee (66yo)

    Chairman

    • Tenure: 0yrs
  • Yau Ching Lee (43yo)

    CEO & Executive Director

    • Tenure: 8.9yrs
    • Compensation: HK$18.21m
  • Xi Chen (61yo)

    Executive Director

    • Tenure: 6.1yrs
    • Compensation: HK$2.51m
  • Jie Wen (57yo)

    General Manager of Sales

    • Tenure: 10.4yrs

Board Members

  • Ching Sai Tung (53yo)

    Vice Chairman

    • Tenure: 0yrs
  • Man Li (64yo)

    Executive Director

    • Tenure: 6.1yrs
    • Compensation: HK$7.41m
  • Yin Yee Lee (66yo)

    Chairman

    • Tenure: 0yrs
  • Yau Ching Lee (43yo)

    CEO & Executive Director

    • Tenure: 8.9yrs
    • Compensation: HK$18.21m
  • Shing Lee (42yo)

    Non-Executive Director

    • Tenure: 6.1yrs
    • Compensation: HK$250.00k
  • Xi Chen (61yo)

    Executive Director

    • Tenure: 6.1yrs
    • Compensation: HK$2.51m
  • Vincent Lo (72yo)

    Independent Non-Executive Director

    • Tenure: 5.9yrs
    • Compensation: HK$250.00k
  • Paul Cheng (68yo)

    Independent Non-Executive Director

    • Tenure: 5.9yrs
    • Compensation: HK$300.00k
  • Martin Kan (36yo)

    Independent Non-Executive Director

    • Tenure: 5.9yrs
    • Compensation: HK$250.00k

Company Information

Xinyi Solar Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Xinyi Solar Holdings Limited
  • Ticker: 13X
  • Exchange: DB
  • Founded: 2008
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Market Cap: HK$37.094b
  • Listing Market Cap: HK$4.246b
  • Shares outstanding: 8.08b
  • Website: https://www.xinyisolar.com

Number of Employees


Location

  • Xinyi Solar Holdings Limited
  • Xinyi PV Glass Industrial Zone
  • 2 Xinyi Road
  • Wuhu
  • Anhui Province
  • 241009
  • China

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
968SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDDec 2013
13XDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2013
968SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDDec 2013
968SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDDec 2013

Biography

Xinyi Solar Holdings Limited, an investment holding company, produces and sells solar glass products in the People’s Republic of China, Malaysia, and internationally. It operates through three segments: Sa ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:24
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.