New chapter unfolding
Chen Guangzhi, CFA / 65 6202 1191 / guangzhi.chen@kgi.com

• 1Q21 revenue grew by 31% YoY and PATMI rose by 17% YoY, in line with our expectations mainly due to the contribution from Shantou Phase 1 project.
• Sunpower’s valuation will be wholly derived from GI projects moving forward as the company continues its transformation to pursue sustainability.
• We maintain an OUTPERFORM rating with an upgraded target price of $$1.53 (ex-dividend S$1.29) based on individual project’s discounted cash flows and the special dividend declared of RMB1.1627 (equivalent of S$0.2359)
per share.