KGI Research analyst Chen Guangzhi has kept “outperform” on Sunpower Group with a higher target price of $1.53 from $1.45 previously. The new target price is based on the discounted cash flows from Sunpower’s individual projects, as well as the special dividend of RMB1.1627 (23.59 cents) per share declared in the 1QFY2021.

Sans dividend, Chen’s target price estimate for Sunpower would have been $1.29, higher than the previous estimate of $1.22.

Sunpower Group began the year on a strong note with 31.2% y-o-y higher revenue and 17% y-o-y earnings of RMB882.8 million ($183.2 million) and RMB59.7 million respectively in the 1QFY2021 ended March.

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