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Robert Dydo  

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  • Canadian Solar And A Yieldco [View article]
    How the company is going to execute transition to yield is a guess, I call my guess a speculation. What is a reliable information when reviewing opinion?
    Apr 6, 2015. 11:14 AM | 1 Like Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Yes, this could be difficult period. The stock seems to be selling off today, not sure why this company gets little to no respect. I can see abuse of it when EPS is adjusted for yieldco transactions. I hope investors are ready for it.
    Apr 6, 2015. 11:12 AM | 1 Like Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    Thank you for this detail, I hope this can be confirmed soon as well.
    Apr 6, 2015. 11:09 AM | 1 Like Like |Link to Comment
  • Avoid Yingli Green Energy [View article]
    If I was, that would be disclosed.
    Apr 5, 2015. 10:24 PM | 1 Like Like |Link to Comment
  • SunEdison's Wind Ambitions Will Hold The Company Back [View article]
    I think there is a logical error in stacking up the efficiency of a solar cell against the technological profile of the windmill. There is nothing finite about wind power technology just because it is a mechanical design versus the photovoltaic effect of a chemical/ physical composition of a material. Consider the design of the combustible engine or wheel in last 50 years. Wind turbines have plenty to go, and this is only a beginning. Now your graph is old, and the fact you are using the price of $0.74 per watt while cells are at below $0.30/w signals you are not that familiar with current costs. If you are not familiar with costs how can you argue cost benefits? Second, should you not explain how either cost compare to produce one kWh of energy? Your graph compares apples to oranges.
    Finally your article is not conclusive, offers little to no facts to say why in fact SunEdison should not invest in wind. Where are figures that lead the reader to this conclusion?
    I would suggest research subjects of your articles in depth. In result, you will find completely different outcome than many of your writings suggest, including this one.
    Apr 5, 2015. 06:27 PM | 4 Likes Like |Link to Comment
  • SunEdison's Wind Ambitions Will Hold The Company Back [View article]
    Interesting subject, but I have doubts reading this article, that author understands a lot about the topic. Solar BOS just recently is becoming comparable to wind, but wind is not done on cost reductions. Showing some ancient price line for solar cell to operating cost per kWh of wind generated power is not going to make the point that SunEdison made an error. In fact that price is ridiculously high for solar cell's watt in this image. In general terms wind is still cheaper than solar, and it has double efficiency factor at its high end and triple at the bottom end of the scale when compared to solar. In fact this is the best way for SunEdison to generate a lot of revenue from the same MW footprint, and specially beneficial for its yield co: TERP. This is why last week TERP bought another 521MW of wind assets, now they have 50% split with solar. Reason? It is producing more revenue, more CAFD.
    Author should not forget that price of the module is only a part of the BOS.
    Just this link from Bloomberg can help to understand why TERP and SUNE are hoping to have wind assets or/and develop them.
    http://bloom.bg/1DCqgXY
    Apr 5, 2015. 04:04 PM | 1 Like Like |Link to Comment
  • Avoid Yingli Green Energy [View article]
    I think that medium bond I described as paid , actually may not be paid and it is due on May 3rd. A default if it happens would be a reply of LDK and Suntech scenarios. I am not sure why would anyone call this attractive or good, in those conditions. People need to leave and stay away until this is sorted.
    Mar 30, 2015. 10:20 AM | 3 Likes Like |Link to Comment
  • Yingli Green Energy: Down, But Not Out [View article]
    I cannot speak for George, but I did not miss the link. I do not believe for someone to publish a view and in conclusion send you via a link to another location to prove the point. This tells me that author has no idea why YGE still looks like good investment. Should I not read in the article what makes YGE a good investment? The thought is as the company's shipments increase over the globe? Have this person heard of guidance? YGE guided 3% growth, how is this going to improve revenue if ASP drops by 6% in 2015 based on currency fluctuation? Article is a cookie cutter write up as one example of many articles on solar lately, full of errors and lacking "analysis" with dubious messages. How can someone recommend buying equity in the company using unidentified reason? I thought SA was about quality in their editorials, not this time. It is not the author's fault. He is one of at least four people who mass produce articles on solar daily with the same result. If SA reads those comments I would suggest have someone who knows solar to edit solar articles, so unimportant porridge does not clog up this medium. I already stopped reading couple of names for this reason. Lack of facts, reprints of news releases, is this investment analysis or rewrite of the conference call and news?
    Mar 29, 2015. 11:26 AM | 3 Likes Like |Link to Comment
  • Yingli Green Energy: Down, But Not Out [View article]
    I would like to know how is the bottom line going to grow by 77%?
    Mar 28, 2015. 07:07 PM | 3 Likes Like |Link to Comment
  • India's Commitment To Solar PV Will Deeply Impact Solar Manufacturing [View article]
    How is SUNE able to find money for this?
    Mar 28, 2015. 12:57 PM | Likes Like |Link to Comment
  • Why JA Solar Should Be Able To Sustain Its Newfound Momentum [View article]
    Why are you using FSLR solar plant backlog in reference to JA Solar?
    Mar 28, 2015. 12:56 PM | Likes Like |Link to Comment
  • JinkoSolar: Transforming Into An Industry Leader [View article]
    Your entire argument is academic. First of all you are stating that efficiency produces benefit in cost of installation. As an analyst I would like to see how this materializes for the company in earnings? I think you are missing a point that margins remain relative to ASP and costs, both higher in DG. I see nothing to indicate that higher module ratings for SPWR produce better gross margin and end earnings. While SPWR module is 27% more efficient based on its footprint, it costs 30% more per watt. If I need 1000 watts I will have to pay 30% for it, the choice seem clear, unless space is a concern. Between 4 modules of two ratings, you get your 1000 watts. by the time you hit 10 modules you need 3 more for Jinko.
    At the end is JKS unable to produce more efficient module? Of course it is. The point is they are driven by cost-efficiency to produce higher rating module. Efficiency improvements lower production costs for Chinese. For American companies they increase them. This is the biggest difference.
    Mar 27, 2015. 12:29 AM | 2 Likes Like |Link to Comment
  • JinkoSolar: Transforming Into An Industry Leader [View article]
    Not really costs are calculated per watt. If you install 1kwh in 335W modules or 270W you will pay for 1kWh installation. They climb once and they install as many modules as there are hoist to the roof. The real cost is panel in DG.
    I am not denying efficiency to be a value, but if you are analyzing business, you are looking at the operating profits, and net income. The costs are proportionate to retail pricing, which is also higher. It is all about margins. I would imagine that independent DG market would create or deny a demand for particular type of the module. Look at the Japan, Chinese companies have cornered that market. Canadian Solar sells more kits than any company local or foreign. Their modules are hardly top efficiency.
    Mar 26, 2015. 11:26 PM | 1 Like Like |Link to Comment
  • JinkoSolar: Transforming Into An Industry Leader [View article]
    To get 1Kwh per hour you need 4 modules at 335 and as many at 270MW, you pay 30% less for Jinko module to get there. Space is not the factor unless you truly look at the residential constrains. We are talking little space and the trade again is questionable. The efficiency actually makes a lot more sense when dealing with utility scale when high real estate costs matter. However SPWR did not make its efficiencies transition to leadership in the utility business.
    What is that technology edge?
    There are millions of people working in China in R&D. They use the newest tools and have access to brand new technology. SunPower modules are made form Chinese wafers.
    Once more efficiency is like luxury car. You sell it to rich and you make money even on high costs. However luxury car market is a small one. Standard cars gain features of luxury cars and yet they remain cheap, this is a increase of the efficiency, like JA and Jinko.
    Mar 26, 2015. 10:03 PM | 2 Likes Like |Link to Comment
  • JinkoSolar: Transforming Into An Industry Leader [View article]
    To the author,
    There is no problem to celebrate great company and highlight its undervalued condition, but I am curious what author wanted to tell the readers that we could possibly miss after we read four prior pieces?
    Some corrections are in order. Canadian Solar shipped more modules than Jinko, and if you eliminate those sent to own projects, even JA Solar runs only 18MW behind Jinko. The company has great margins, but they are driven by energy sales at 50 to 60% gross margins and supplemented with retainage sales.
    I think it would be prudent to understand detail like this, before referring to manufacturing cost, those are different things. JKS cost is a record low as much as Jinko's ASPs are low among top tier names. Still their GM is best among them. The only observation I would have you can lower you costs but it is hard to raise your prices.
    What issues Chinese industry has that the American industry does not? I suppose if the US did not put tariffs in place, the issues would not exist and 80% global domination would turn to 90%. Outside of FSLR and SPWR , there is no American industry and the only reason those companies trade at higher evaluations is an artificial value assignment to being American, while making modules in Malaysia. As Jonathan pointed out, wise strategy in times of political bigotry for Jinko to pick this spot.
    Sounds like author would be the only one surprised about Jinko not being second in module shipments, as anyone who read guidance of each company would know that Jinko is the only company, which guided less than Yingli by some 100MW. Trina, Canadian and JA Solar, all have guided more volume than Yingli, thus subsequently more than Jinko. What does this metric do anyway? Yingli, while managed to clean up its balance sheet in Q4, has become a victim of being Yingli using its income statement as evidence. All volume leaders from the past now are in receivership, and Trina who is the leader now, based on its financial analysis has the least attractive operating format, so being big means not a lot as a metric for the purpose of investing.
    I have couple of questions: How did the author figured that their pool of financing is deepening? Was it shallow before? Sure there are few more releases these days, but financing has never been a problem for those companies, just look at Yingli again. What does this mean about efficiency in utility scale being ok and not having good cost structure in DG? Is there a metric somewhere so we can tell? I cannot recall Jinko's costs per solar plant watt, perhaps because Jinko never sold one. Why their DG would be a problem in the future? JKS is selling 280W modules made at $0.45 per watt for below $0.60 per watt and retailing modules in China, to quote Jonathan loosely as being Chinese "SolarCity".
    On one hand I read about best margins, producing excellent results as per author, so I am curious where is that low-efficiency live as a negative factor in the company's results? Even better question, how is that high efficiency contribute to the bottom line of the solar-plant selling, retail leasing and tariff-free roaming SPWR that the company will go negative in net income this quarter? Please do not say loss is due to yield as JKS does not sell plants either. The answer is it does not. Efficiency is a strategy of relating market need with demand. The efficiency dial will turn as it is needed, that simple.
    Otherwise thank you for popularizing solar industry
    Mar 26, 2015. 08:21 PM | 6 Likes Like |Link to Comment
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