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KR : Hanwha Solutions - Solar module business recovery in 2H21F

Hanwha’s solar module earnings could recover from 2H21F amid stabilisation in wafer prices (wafer net capacity additions +31% yoy in 2021). We expect its m/s of the US/EU residential solar markets to come to 20-25% given tariffs imposed on China’s products in its major solar markets. We see greater solar momentum from 2H21F on strong installation growth and cost stabilisation. Reiterate Add with an SOP-based TP of W63,000.


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