DAQO New Energy: A New Leader In The Polysilicon Industry
EnerTuition • 20 Comments
EnerTuition • 20 Comments
Daqo New Energy: Survival Odds Are Low
Tue, May 10, 6:36 AM
Thu, Mar. 24, 6:04 AM
Wed, Mar. 23, 3:05 PM
- Like many other energy names, solar stocks are underperforming (TAN -3.8%) on a day oil prices are giving back some of their recent gains. WTI crude is down 4.3% to $39.69/barrel, and Brent crude down 3.2% to $40.45/barrel. The S&P is down 0.6%, and the Nasdaq down 1%.
- SunEdison (down 12.1%) is among the casualties, as liquidity/solvency fears continue surrounding the beaten-up solar/wind project developer. SunEdison yieldcos TerraForm Power (TERP -3.3%) and TerraForm Global (GLBL -4.7%) are also off.
- SolarCity (SCTY -9.6%), which yesterday afternoon announced the closing of a $131M tax equity solar project fund, is also off sharply. Other notable decliners include SunPower (SPWR -7.4%), First Solar (FSLR -4%), Canadian Solar (CSIQ -4.2%), Sunrun (RUN -4.3%), Enphase (ENPH -6.5%), Daqo (DQ -5%), JinkoSolar (JKS -5.9%), Sky Solar (SKYS -11.1%), and former SunEdison acquisition target Vivint Solar (VSLR -11.3%).
Tue, Mar. 1, 8:39 AM
- Daqo New Energy (NYSE:DQ) has approved the appointment of Qiangmin Zhou, the company's current chief operations officer, as the new chief technology officer, effective today.
- Zhou will replace Guoping Zhu, who has served as CTO since October 2012, and is leaving to pursue other career opportunities at an affiliate of the company.
Tue, Feb. 16, 2:36 PM
- Solar stocks are among the standouts (TAN +6.4%) as the Nasdaq rises 2.1% and the S&P 1.6%. The gains come after Canadian Solar (up 16.6%) hiked its Q4 sales, module shipment, and gross margin guidance.
- SunEdison (SUNE +20.6%), clobbered last week amid a temporary asset sale restraining order that further stoked bankruptcy fears, is rebounding. The gains come in spite of a downgrade to Neutral from BofA/Merrill's Krish Sankar, who's worried about a mixture of financing, legal, and execution issues.
- Yingli (YGE +15.9%), another company that has seen its share of solvency fears, is also up strongly. Other big gainers include SunPower (SPWR +11.2%), SolarCity (SCTY +6.2%), JinkoSolar (JKS +11.6%), Trina (TSL +7.5%), 8point3 Energy (CAFD +8.4%), Enphase (ENPH +7.7%), Daqo (DQ +7.2%), JA Solar (JASO +6.9%), Sky Solar (SKYS +7.5%), and SunEdison acquisition target Vivint Solar (VSLR +9.5%).
- Five days ago: Solar stocks hammered again; SunEdison tumbles after lawsuit
Mon, Feb. 8, 9:43 AM
- Daqo New Energy (DQ -7.8%) sinks deep into the red to start the week.
- DQ shares have fallen 24% over the past 52 weeks.
Dec. 18, 2015, 2:43 PM
- The Nasdaq is down 1.1% and the S&P 1.2%, but solar stocks are once more higher (TAN +1.6%) after the House and Senate officially passed multi-year extensions for the solar investment tax credit (ITC) and wind production tax credit (PTC). The group skyrocketed on Wednesday after Congressional Republicans gave their support to a budget compromise that featured the extensions.
- Notable gainers include SunEdison (SUNE +4.3%), Vivint (VSLR +3.7%), Trina (TSL +4.2%), Sunrun (RUN +7.2%), TerraForm Power (TERP +1.6%), TerraForm Global (GLBL +7.4%), Solar3D (SLTD +6%), ReneSola (SOL +5.6%), and RGS Energy (RGSE +7.3%). RGS, a microcap, could be benefiting from news it has signed a letter of intent for a $5M loan facility.
- SolarCity (SCTY +1.6%) is up moderately after starting the day lower thanks to fresh bearish remarks from Jim Chanos. Canadian Solar (CSIQ +3.1%) is higher after announcing it's partnering with Southern Co. on a new 200MW project. Daqo (DQ +5.5%) is rallying following bullish coverage from Northland Securities.
Dec. 18, 2015, 12:01 PM
- Northland Securities has launched coverage on Daqo (NYSE:DQ) with an Outperform rating and $37 target (over 2x current levels).
- The Chinese polysilicon maker remains down 36% YTD. Unlike many other solar names, Daqo didn't receive much of a lift this week from news Congress is set to extend a U.S. solar tax credit that has been due to expire at the end of 2016.
Nov. 18, 2015, 12:47 PM
Nov. 18, 2015, 5:47 AM
- DAQO New Energy (NYSE:DQ): Q3 EPS of $0.59
- Revenue of $46.56M (-1.5% Y/Y)
Nov. 17, 2015, 3:28 PM
- SunEdison is down 33% as fears about the solar/wind project developer's balance sheet and cash flow profile continue unabated, and 13F filings indicate many hedge funds pared or liquidated their positions in Q3.
- The Guggenheim Solar ETF (TAN -4.8%) has fallen towards $26; the 52-week low (set in September) is $25.25. The Nasdaq and S&P are down modestly.
- Aside from SunEdison and its YieldCos, notable decliners include Canadian Solar (CSIQ -6.7%), SunPower (SPWR -7.5%), Enphase (ENPH -11.1%), SolarEdge (SEDG -7.7%), Daqo (DQ -4.3%), and Sunrun (RUN -4.9%). All but Daqo have strong North American exposure.
- SolarCity (SCTY -7.7%) is also off sharply, though Elon Musk has disclosed fresh purchases over the last few days. JA Solar (JASO -2.6%) is lower in spite of posting a Q3 beat and issuing solid Q4 shipment guidance.
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 18, 2015, 1:52 PM
- Roth is reiterating a Buy rating and $35 target on Daqo (NYSE:DQ) after talking with CEO Gongda Yao. It forecasts polysilicon prices will rise with or without a deal ending the U.S. and China's ongoing solar trade dispute, and declares Daqo has the industry's best cost structure and highest polysilicon quality.
- Shares remain down 40% YTD. They trade for just 4.8x a 2016 EPS consensus of $3.28. Nearly $27/share in debt was on the balance sheet at the end of June, to go with over $9/share in cash.
Sep. 14, 2015, 12:45 PM
Aug. 26, 2015, 7:22 AM
- Daqo's (NYSE:DQ) board of directors has authorized the repurchase up to $10M worth of its own issued and outstanding ordinary shares or American depositary shares, effective for one year from August 26, 2015.
Aug. 25, 2015, 12:34 PM
- The Nasdaq is up 3.4% - a Chinese rate cut is helping - and solar stocks are among the day's standouts. The Guggenheim Solar ETF (TAN +7.4%) is now up 14% from a Monday morning low of $25.51, albeit still down 13% from where it traded going into last week.
- Today's gains come after Pres. Obama announced several new incentives meant to boost solar investment. Among them: $1B in additional loan guarantee authority for distributed energy projects, the unlocking of Property-Assessed Clean Energy (PACE) financing for solar installations involving single-family homes, and the creation of a HUD/DOE program to give homeowners "a simple way to measure and improve the energy efficiency of their homes, by increasing homeowners' borrowing power."
- The announcement follows the White House's early-August unveiling of its Clean Power Plan, which aims to cut carbon emissions by 32% by 2030, relative to 2005 levels. Solar still only accounts for less than 1% of U.S. electricity output; renewable sources collectively account for 13%, with hydro responsible for half of the total and wind about a third.
- It also follows the launch of Google's Project Sunroof, which (with the help of satellite imagery) provides would-be home solar installers with advise on installation size and financing options, among other things.
- Major gainers include First Solar (FSLR +8.4%), JinkoSolar (JKS +27.1%), Trina (TSL +17.2%), Canadian Solar (CSIQ +13.2%), SunPower (SPWR +6.6%), JA Solar (JASO +10.6%), China Sunergy (CSUN +12.3%), Yingli (YGE +7.3%), SolarEdge (SEDG +6.9%), and Daqo (DQ +5.9%).
- Cowen has launched coverage on Canadian Solar with an Outperform rating and $28.50 target. Meanwhile, First Solar thin-film module rival TSMC announced today it's shuttering its solar manufacturing ops, while citing a lack of scale/competitiveness.
Daqo New Energy Corp. is engaged in the manufacture and sale of polysilicon and silicon wafer. Its products include polysilicon, silicon wafers, and solar modules. The company was founded on November 22, 2007 and is headquartered in Wanzhou, China.
Sector: Industrial Goods
Industry: Industrial Equipment & Components
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