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Gaining recognition for non-China polysilicon

Recommendation

We maintain our Buy rating and target price of W186,000 on OCI Holdings. We highlight three investment points: 1) a rebound in polysilicon prices; 2) ASP gains driven by increased exposure to non-China polysilicon; and 3) the resolution of the tender offer/stock swap issue.

Solar modules made with OCI Holdings’ polysilicon reportedly clear US customs

US Customs and Border Protection (CBP) has reportedly cleared solar modules made by LONGi Green Energy Technology (LONGi) using OCI Holdings’ polysilicon. We view this as a significant development because it raises the possibility that solar modules made in Southeast Asia using OCI Holdings’ polysilicon will be exported to the US free of tariffs.