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Sneha Shah  

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  • How To Invest In The Indian Stock Market - Part 5 [View article]
    1) Valuation is not high. Forward P/E is just 15x which is at par/below the historical valuation

    2) Administration has proved itself. There is a long list of reform measures in the first year to justify this ( insurance, retail, labor, power, coal reforms). A US think tank recently said that Modi's government has been the most pro-reform administration in the nation's history
    May 13, 2015. 11:27 PM | Likes Like |Link to Comment
  • First Solar - More Questions Than Answers [View article]
    1) Their is no mutual respect with Sunpower. It was the runaway success of TERP that forced the companies to do a JV as they could not do it alone.

    2) I agree that FSLR has done a tremendous job in improving their R&D and costs over the years. I was much more pessimistic about that. They are the only thin film company standing while tens of others have folded up.

    3) FSLR's marketshare in the globlal panel market has declined consistently over the last few years. They barely account for about 5% of the global market now.
    May 13, 2015. 11:18 PM | Likes Like |Link to Comment
  • First Solar - More Questions Than Answers [View article]
    I have not touch upon all the issues with their solar panel technology. Cadmium is a highly toxic substance and EU was about the put strict sanctions on their product before they got an exception.

    Also if Cd-Te technology was such a slam dunk, then why did GE sell out. Also why did FSLR have to unnecessarily buy Tetrasun.
    May 13, 2015. 11:14 PM | Likes Like |Link to Comment
  • First Solar - More Questions Than Answers [View article]
    The ownership and management of the yieldco will be a critical issue. Given the close relationship and ownership structure, there should be close alignment between the interests of the yieldco and the sponsors. However, this many not be the case here given that there are 2 competitors who are sponsors.

    I think SUNE's second yieldco is marketed towards a different group of invstors. The political risks with developed country and developing country assets are very different. For a developing country, the risks are much higher. Pari Passu, a solar project in South Africa/Pakistan will have much higher risks than a project in USA
    May 13, 2015. 11:10 PM | Likes Like |Link to Comment
  • Golar LNG Is A Low-Risk Play To Take Advantage Of Global LNG Capacity Expansion [View article]
    Yes, Most of the LNG contracts from Australia, Europe and Middle East suppliers are tied to JCC or Brent oil. However, the slope varies from 11% to 18%
    May 13, 2015. 12:13 AM | Likes Like |Link to Comment
  • Hanwha Q CELLS - From Rags To Riches [View article]
    1) The order is for 1 year from Q4 2015 to Q4 2016 before expiration of ITC
    2) The price is not known but I would estimate in the range of 65-70c/watt
    May 13, 2015. 12:10 AM | 2 Likes Like |Link to Comment
  • How To Invest In The Indian Bull Market - Part 4 [View article]
    Agreed. But I think that China will slow down more than 6%. India is far behind in terms of per capita income. With little increase in capex and productivity, India can grow at higher rates for longer.
    May 12, 2015. 07:07 AM | Likes Like |Link to Comment
  • Enphase Energy: Fast-Growing Solar Company With Improving Takeover Chances [View article]
    I agree that the solar industry is not for the weak hearted . Industry leaders have gone bust in the past (e.g. Q-Cells was the largest solar cell supplier in 2008, was sold for pennies to Hanwha)
    May 11, 2015. 08:23 AM | Likes Like |Link to Comment
  • GCL Poly - Why You Should Buy The World's Biggest Wafer Maker [View article]
    The company promoter seems well connected to the government with China Development Bank an early backer of the company and buying a big equity stake
    May 11, 2015. 08:22 AM | Likes Like |Link to Comment
  • How To Invest In The Indian Bull Market - Part 4 [View article]
    I agree that pace for removing corruption has not been up to expectations. However, compared to the last government , there has been no major corruption scandal yet. Also some measures are being taken to reduce the incidence of black money
    May 11, 2015. 12:21 AM | Likes Like |Link to Comment
  • GCL Poly - Why You Should Buy The World's Biggest Wafer Maker [View article]
    GCL is listed on the HK stock exchange. it is the world's largest polysilicon and wafer suppliers . TAN and KWT have 6% of their holdings in GCL.
    May 10, 2015. 11:12 AM | Likes Like |Link to Comment
  • How To Invest In The Indian Bull Market - Part 3 [View article]
    I agree with you. Changing the system is not an easy or a 1 year process. However, things are starting to change though not at the pace what people want. Big changes are being made to cut red tape, simplify taxation and labor laws.
    May 10, 2015. 09:02 AM | Likes Like |Link to Comment
  • The Hidden Danger Of Investing In Solar ETFs (TAN And KWT) [View article]
    Hanergy recently bagged an order for 900 MW for BIPV production equipment and the buyer was Hanergy Holdings Co. This is another intra-Hanergy deal, which raises one's eyes. First of all, it is selling to its parent company and that too equipments other than thin film modules. The solar equipment giant Applied Material (AMAT) faced so many problems in its equipment business and has a market cap value of $24 billion. compare it to Hanergy's valuation of ~$40 billion. Hanergy is a stock with weak fundamentals and I remain skeptical of this stock in the leading solar ETFs.
    May 9, 2015. 12:25 AM | Likes Like |Link to Comment
  • Why India Has Embarked On A Long-Term Bull Market - Part 7 [View article]
    Its unrealistic for India not to spend on defense given the very hostile neighbors and internal security situation. India's defense is in a bad shape as it is with low equipment spending resulting in low number of fighter squadrons, low no. of submarines etc. I also think that China did not give the real number on defense spending.
    Mar 1, 2015. 09:58 AM | Likes Like |Link to Comment
  • Buy ICICI Bank As Blood Flows On Indian Streets [View article]
    ICICI bank has fallen by around ~14% in the last one month, as Q414 results missed analyst expectations. The major point of concern was the increase in net NPA by 33 bps year on year to 1.27%. However the company reported an all-time high quarterly profit of Rs.2889 crores (around $450 million), which was up 14% year on year and its net interest margin also improved. The other state owned banks performed even badly, with their NPAs rising at a much steeper pace. India is going through a bottoming out process in a cyclical recovery and the NPA rise is not of much concern in my view. The new government has seen the investor sentiment improve and the GDP growth is all set to increase in the coming couple of years. This should alleviate the issue of rising NPAs. While the stock valuation is not cheap as before, the company should benefit from the structural change in the Indian economy with the advent of the reform oriented and pro-business Modi government. Investors may use the dip to build positions in ICICI bank with a long term view.
    Feb 27, 2015. 02:11 AM | Likes Like |Link to Comment
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