Canadian Solar Inc.NASDAQ
Value Investing In Solar - Why I Picked Canadian Solar
Robert Dydo • 49 Comments
Robert Dydo • 49 Comments
Canadian Solar May Suffer From YieldCo Market Malady
EnerTuition • 18 Comments
EnerTuition • 18 Comments
Fri, Nov. 25, 12:19 PM
Tue, Nov. 22, 11:10 AM
- Canadian Solar (CSIQ +0.2%) is downgraded to Market Perform from Outperform with a $12 price target, slashed from $23, at FBR, after CSIQ's "decent" Q3 results despite a weak solar market, but CSIQ cut FY 2016 guidance on higher than expected pricing pressure, as module volumes surprisingly are constrained by manufacturing issues.
- The firm says ramping project sales could prove a catalyst, but it prefers to wait and see both the pace and ultimate sales price before acknowledging that the worst of the downturn is over.
- CSIQ also is downgraded to Neutral from Buy with an $11 price target, cut from $20, at Roth Capital.
Mon, Nov. 21, 12:24 PM
- Canadian Solar (CSIQ -8.1%) is sharply lower after reporting in-line Q3 earnings on a 22% Y/Y drop in revenues to below company guidance, attributed to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping.
- CSIQ says its Q3 solar module shipments totaled 1,185 MW, of which 1,161 MW was recognized in revenue, compared to 1,290 MW recognized in revenue in Q2 and company guidance of 1,200-1,300 MW.
- Q3 gross margin was 17.8%, vs. 17.2% in Q2 and company guidance of 14%-16%.
- For Q4, CSIQ expects total solar module shipments of 1.4-1.5 GW, total revenues of $600M-$750M, and gross margin of 11%-16%.
Mon, Nov. 21, 6:03 AM
Sun, Nov. 20, 5:30 PM
Wed, Nov. 9, 3:05 PM
Thu, Nov. 3, 6:54 PM
- Prices of solar stocks (NYSEARCA:TAN) tumbled into a black hole today following severely bearish comments from First Solar's (NASDAQ:FSLR) earnings conference call, as it reduced its 2016 forecast for sales and shipments, and cut its capital spending budget.
- FSLR says module pricing “declined at a dramatic rate” in Q3 as other module manufacturers continue to bring new capacity online amid demand dropoff in China, which has led to oversupply and growing inventories.
- JMP Securities maintains a Market Underperform rating on FSLR with a $32 price target, noting that FSLR beat consensus Q3 earnings but was due to non-operating factors, and management's commentary suggests it will take "aggressive steps" to reposition its cost structure in a tough pricing environment.
- Patrick Pouyanne, CEO of Top SunPower shareholder Total (NYSE:TOT), said at a conference in Paris that solar is facing overcapacity and lack of demand, and that “we have to find a way to make renewable businesses profitable.”
- In today's trade: FSLR -14.9%, SPWR -10.5%, CSIQ -10.7%, SKYS -12.1%, CAFD -1.5%.
Thu, Oct. 6, 3:24 PM
- Formerly bearish Axiom Capital analyst Gordon Johnson upgrades his rating on the solar energy sector (TAN +0.5%) by two notches to Overweight from Underweight, and raises his ratings on Yingli Green Energy (YGE +4.6%), Trina Solar (TSL +1.3%) and JA Solar (JASO +4.5%) to Buy from Sell, as well as SolarCity (SCTY -2.6%) to Hold from Sell.
- A key reason for Johnson's "new-found solar optimism" is China's decision to cut solar subsidies, which could result in ~25 GW of Chinese “pull-in” demand in H1 2017, suggesting a undersupply in the solar market that should push prices higher.
- Johnson believes the stronger demand will cause the prices of all kinds of solar equipment to surge, resulting in higher margins and multiples for many solar companies.
- Also: OTCPK:SUNEQ +63% (see earlier), CSIQ +0.7%, SPWR +0.3%, FSLR -0.3%.
Thu, Sep. 8, 12:58 PM
- The tough environment for solar stocks (TAN +0.7%) will continue for another 18 months, but falling solar stocks may have created buying opportunities among some of the top names in the space, according to analysts at JMP Securities.
- Until the overall solar market improves, JMP prefers stocks that are gaining market share and have favorable competitive positioning, adding that further consolidation in the sector is likely.
- JMP rates Vivint Solar (VSLR +4.4%), Sunrun (RUN +1.4%) and Solaredge Technologies (SEDG +0.2%) at Market Outperform, Canadian Solar (CSIQ +1.5%) at Market Perform, and First Solar (FSLR -0.5%) and SunPower (SPWR -1.3%) at Underperform.
Wed, Aug. 24, 11:57 AM
- Solar manufacturers (TAN +0.2%) racing to build bigger and more advanced factories to crank out panels faster and cheaper are about to face a looming glut just as the panels start rolling off the assembly line, according to a Bloomberg report.
- At the same time, demand is slowing in China, the world’s largest market, where the government is reducing subsidies for solar farms commissioned after June 30, which fueled a rush of projects during H1 as developers added as much as 22 GW before the subsidy expired.
- Canadian Solar (CSIQ -2.3%) is building a a 350 MW facility in Brazil, and JinkoSolar (JKS -1.2%) is expanding output from a 450 MW factory that went into operation in Malaysia last year.
- Trina Solar (TSL -0.2%), the world’s largest panel maker, said yesterday that Q3 shipments would fall as much as 6.5% to 1.55-1.65 GW, while it has increased production capacity 7.1% after opening a 500 MW factory in Thailand in March; Yingli Green Energy (YGE -1.7%) said yesterday that it expects shipments to slip as much as 54% in the current quarter.
Wed, Aug. 24, 9:54 AM
- Canadian Solar (CSIQ -1.5%) is downgraded to Equal Weight from Overweight with a $14 price target, cut from $24, at Barclays, which believes the company's net debt to EBITDA ratio poses a greater risk than peers heading into 2017.
- While management has taken a slightly more cautious stance on capacity expansion and asset monetization, the firm sees the key takeaway is the broader issue of unintended consequences of government policy distorting the solar supply and demand relationship on a global scale.
- Barclays expects CSIQ to generate gross margins of 12.7% in 2017, down from 16.2% in 2016.
Thu, Aug. 18, 3:00 PM
Thu, Aug. 18, 12:47 PM
Thu, Aug. 18, 9:17 AM
Thu, Aug. 18, 7:57 AM
- Q2 net income of $40.4M or $0.68 per share compared to $22.6M and $0.39 in Q1. Street estimates for Q2 were for just $0.37. Revenue of $805.9M compared to $721.4M in Q1, and company guidance of $710M-$760M.
- Gross margin of 17.2% vs. 15.6% in Q1 and guidance of 15-17%.
- Total solar module shipments of 1,290 MW vs. 1,172 in Q1 and guidance of 1,200-1,250 MW.
- Q3 revenue is guided to $660M-$710M, and full-year to $3B-$3.2B.
- The conference call begins at 8 ET.
- Previously: Canadian Solar beats by $0.31, beats on revenue (Aug. 18)
- CSIQ +8.1% premarket
Thu, Aug. 18, 7:45 AM