Company Update: Sunpower Group (SPWG SP), 3 September 2021 A p | KGI Securities Singapore

Company Update: Sunpower Group (SPWG SP), 3 September 2021
A purer play on clean energy going forward

The disposal of the M&S business for RMB2.29bn has been completed, with two tranches of special dividend of S$0.1406 a share and S$0.1006 a share paid out in June and July.

New capacity from Tongshan P1, Shantou P2, Xintai Zhengda and Shanxi Xinjiang plants are expected to complete construction in 2021/early 2022 and contribute to the group next year.

We maintain our OUTPERFORM recommendation with an unchanged target price of $$1.22 based on the discounted cash flows of each project.



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