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Robert Dydo  

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  • The Market Yawns At JA Solar Chairman's 'Go Private' Offer [View article]
    I do not think this note is factual. I wrote about JA Solar
    http://bit.ly/1ejXvV8
    and here
    http://bit.ly/1ejXvVa
    being influenced by the same results and business accounting as most of us. However I came to painful conclusion that JA Solar offer no value to a shareholder' peers I subscribe to be. I stated this here being tactful about it.
    http://bit.ly/1ejXvVc

    How more factual this debacle needs to behaving a single fact that you could buy a stock a $0.80 to $0.40 below the offer? Isn't better that company which does not attract value whatever it accumulated passes on with ownership to those that do? Could be an eye opener.
    You think shorts are selling the stock against the offer? This is rather impossible. I would imagine people would buy as much as they could, if the offer was paid but not binding statement acts as deterrent not to be stack in the name. If there is so much hesitation about one company, I think it is better if air clear and options remain with those left trading in the US
    Jun 16, 2015. 07:49 AM | 1 Like Like |Link to Comment
  • The Market Yawns At JA Solar Chairman's 'Go Private' Offer [View article]
    It is simple, if they list in China and get the greater value, perhaps investors will conclude that fewer companies listed in the US will attract more interest and value in the long run.
    What is the reason that JA is selling below the offer, by so many considered as insulting? Why in the world market is selling that stock so low?

    I agree that many have improved their balance sheet versus JA. When you consider plant assets JA looks no so impressive.
    Jun 15, 2015. 10:57 PM | 1 Like Like |Link to Comment
  • The Market Yawns At JA Solar Chairman's 'Go Private' Offer [View article]
    This article is my opinion and my opinion seems to be supported by the market trading below the offer. I given you PPE value as comparison, to show that book is most likely inflated. I understood that there is a lot of hurt feelings about the subject, but I think it is pretty reasonable to compare views after 4 articles stating that the offer is an insult.
    Jin is doing us a favor and perhaps the company as well. If they list in China, maybe those listed in the US can find greater interest among American investors.
    Jun 15, 2015. 10:48 PM | 2 Likes Like |Link to Comment
  • The Market Yawns At JA Solar Chairman's 'Go Private' Offer [View article]
    It did not suck. I do this semi-professionally to make sure I do not become emotionally attached to equity. I did well without luck.
    Jun 15, 2015. 10:41 PM | 2 Likes Like |Link to Comment
  • Reflections Over The Q1 2015 Results Of Jinko Solar [View article]
    Hello,
    503MW was an accumulated total connected in Q4, but I can see that you are adding energy via increase hours in sunnier Q2 versus Q1. Using simple averages generation made by additional 100MW would made the total number around $20M in Q2, which is decent. I also calculated actual hours benchmark at 2.4 hours for Q1. If they did 3 hours, which seems not a lot, the number would end up closer to $25M. I never seen 3 hours to be reached in any other calculations made when I had a chance to do a math for JKS results. I hope this time they will.
    Thank you
    Robert
    Jun 6, 2015. 10:28 AM | Likes Like |Link to Comment
  • Reflections Over The Q1 2015 Results Of Jinko Solar [View article]
    I meant receivable, of course, thanks for catching this, I need more coffee in the morning.
    My only observation is like any other sale, JKS record full value of the sale, however accounts receivable contain "unpaid" portion of FiT. End of Q4 that was over $24M. When this is paid it will move from receivable to cash.

    I am not sure if understand the increase in the power output. I did not listen to cc or anything but 115GWh was generated on full connection of 503MW (Q1 generation). They added 115MW in Q1, so the Q2 generation should see 615MW generate certain amount of energy. Judging by the $27M you suggest from $16.5M received in Q1, I do not understand the MW supporting so much more energy sold. Energy output is related to sales of grid connected MW. Where does the 190 to 200gWh come from?
    thanks
    Robert
    Jun 5, 2015. 09:42 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Certainly bad result dropped the price. Anything is possible.
    Jun 5, 2015. 09:35 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Hockeyzan,
    my only clue is that they are IPO developer. Can they open another developer subsidiary? Sure, but now you have competition against the IPO business.
    Frankly, without a lot of info it is only 20-F, which leads to those conclusions. This is why more info is needed.
    Jun 4, 2015. 08:56 PM | 1 Like Like |Link to Comment
  • Reflections Over The Q1 2015 Results Of Jinko Solar [View article]
    Eystein, great article, but I think you are confused on revenue from energy sales. the company record the revenue in full for every kWh sold at FiT ranges minus VAT or 17% for the second quarter in the row. They put amount from catalog in accounts payable as they are outstanding. The $24M is the amount government owes to JKS, but this is not outside of the current balance sheet. When eventually paid any outstanding amount is moved from accounts payable to cash.

    I suspect your accounting practices are behind generation of 63% increase in revenue in energy from 115MW more connected in Q1?
    I think you are about $6M heavy on that estimate.

    Congratulations on your articles.
    Jun 4, 2015. 09:09 AM | 1 Like Like |Link to Comment
  • How Bright Will The Sun Shine In Canada? [View article]
    All PPAs in the US are shown with 35 years. Do not cohere to single words as I am going to drop this discussion fast. We are talking about RE portfolio and your home town. If you want to play witty with me I can quickly recall your accounting inabilities.
    In Brazil as well as in the dessert Chile you have capacity factors of 30% for solar. So you are comparing another set of numbers where you missing valuable factors.
    Jun 2, 2015. 09:16 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    What I understand JKS will spin its developer units plus it solar plants. That value will be offered in IPO, which will reduce 55% ownership of the company by as much as public ownership. Once again sold shares will provide for new equity for the IPO business. JKS will hold shares, which will have a market value and they will recognize that value as investment. If 20M shares out of 60M of shares are sold at $15 per share, the new company will be worth $900M. JKS held 55% of 40M or 22M. Investment assets held by JKS will be worth $330M. if we come back to $750M example, assets decreased by $420M , debt decreased by $600M, but equity increased by $180M. So yes JKS will look great.
    Jun 2, 2015. 09:06 PM | 1 Like Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    Thank you all for the comments.
    Jun 2, 2015. 08:59 PM | Likes Like |Link to Comment
  • Solar Investing After First-Quarter Results [View article]
    fedecapo. I doubt you understand accounting for spin off.
    When you spin assets you do not sell. You move their value from the balance sheet. You IPO the asset by selling stake in it. JKS has 55% stake but consolidates 100% of reporting. I am sorry but please review your accounting knowledge.
    IPO proceeds become equity of new company. Shares in the new company own by JKS are investment in assets on their balance sheet. that is the span of relationship.
    Jun 2, 2015. 09:10 AM | Likes Like |Link to Comment
  • How Bright Will The Sun Shine In Canada? [View article]
    I did not say they would make great return on the project, my math shows that project is financially viable at the $0.05 per kWh and not a loss as you insist to show. I have not used the application, but have an issue with your interpretation based on your frequent shortage of ability to understand calculations and contributing factors, i.e. unpaid FiT in Jinko. I do not have all the details the RE team has to eloquently establish they have sold a project to lose money. I can establish with certain degree they they are not losing money on it, but certainly returns are not as $0.16 per kWh value or like they would be for Japanese projects.
    Now, I only showed to you that the reference made where $0.05 ever got presented came from SunEdison contract. If you find Recurrent news showing they have sold kWh per $0.05, then I will further review with Canadian its What you stand on is irrelevant to me to above. I have reviewed information provided n the presentation and was given a clear feedback that not available are projects are given in the presentation of CAFD calculation. Most analysts present understood the disclosure in the same fashion.

    You are insisting that Sharp walked away from the projects, forgetting that company is in huge financial troubles, losing money left in right and now got on bank support selling equity and refinancing to stay viable. It is selling most of its businesses to stay a float. I look at the RE purchase as an opportunistic buy.
    Why would I throw a way a wit and ability of Canadian Solar along skill set of multiple analysts to consider your view as accurate?
    Jun 2, 2015. 09:04 AM | 2 Likes Like |Link to Comment
  • Canadian Solar And A Yieldco [View article]
    The CAFD is cut in half, not all projects (read Japanese ) are in it.
    Hint take the 168MW from SunEdison consisting 153MW in UK and rest with DG in the US worth $24M in CAFD per year. 228MW consisting 155MW in UK, 45MW in Japan, double the rate of any project in UK, and 28MW in Canada at massive rates bring only $15M based on slide. Not so. I confirmed with the company that not all MW are included in the CAFD calculation.
    Jun 2, 2015. 12:39 AM | 1 Like Like |Link to Comment
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