Hanwha Q CELLS Co., Ltd. (HQCL) - NASDAQ
  • Nov. 18, 2014, 11:36 AM
    • Under pressure for much of last week, solar stocks are rallying (TAN +4.3%) after SunEdison (SUNE +23.5%) and its TerraForm Power (TERP +29.1%) YieldCo announced they're buying leading wind project developer First Wind for up to $2.4B, and JA Solar (JASO +4%) beat Q3 estimates and upped its full-year cell/module shipment guidance to 3.1GW-3.2GW from 2.9GW-3.1GW.
    • Gainers: SCTY +3.9%. SOL +4.5%. TSL +3.7%. YGE +2.7%. JKS +3.4%. HSOL +2.8%. ASTI +6%. DQ +3.2%. RGSE +2.6%.
    • SunEdison CEO Ahmad Chatila declares the First Wind deal will double his company's addressable market. Cowen thinks SunEdison "can leverage First Wind’s platform to push into international markets for wind given the potential expiration of the production tax credit for U.S. wind projects."
    • Along with its results/guidance, JA announced a $90M buyback; it's good for repurchasing 23% of shares at current levels, if fully used. JA's Q3 gross margin was 15%, -20 bps Q/Q but +370 bps Y/Y. Cell/module shipments rose 15.2% Q/Q and 57% Y/Y to 500.2MW.
    | Nov. 18, 2014, 11:36 AM | 1 Comment
  • Sep. 4, 2014, 1:51 PM
    • Making good on an August Bloomberg report, China's National Energy Administration (NEA) has called on local governments to identify and support distributed solar projects in their realms.
    • As previously reported, extra subsidies will be encouraged for rural and government projects, public infrastructure installations will be promoted, and financial firms have been told to offer discounted loans.
    • The NEA is trying to hit an 8GW 2014 distributed solar installation target in spite of a slow start to the year. Its target for utility-scale projects stands at 6GW.
    • Several Chinese solar stocks are rallying, as are a few non-Chinese names. YGE +5.1%. CSIQ +3.6%. JASO +3.8%. TSL +2.3%. SOL +2.1%. HSOL +5.2%. DQ +4.7%. ENPH +6.6%. ASTI +6.1%. RGSE +2.8%. SolarCity (SCTY +5.1%) is up after announcing plans to open 20 new operations centers.
    • Solar ETFs: KWT, TAN
    | Sep. 4, 2014, 1:51 PM | 2 Comments
  • Aug. 28, 2014, 10:55 AM
    • Hanwha (HSOL +4%) shipped 339.5MW worth of solar modules in Q2, +4.9% Q/Q and +5.7% Y/Y, but below guidance of 350MW-370MW. However, the company expects shipments to rise to 400MW in Q3, and is reiterating full-year guidance of 1.5GW-1.6GW.
    • Q2 gross margin was 9.5%, down from Q1's 13.9% but up from 5.5% a year ago. ASP was RMB4.17/watt ($0.67/watt) vs. RMB4.27/watt in Q1 and RMB4.03/watt a year ago.
    • Lower EU sales are blamed for the Q/Q margin and ASP declines. Hanwha asserts it sees plenty of room to improve margins by lowering manufacturing costs.
    • Japan (a high-ASP market) made up 53% of Q2 shipments vs. 51% in Q1. The U.S. accounted for 11%, the U.K. and Korea 9% apiece, Canada 7%, and China 6%.
    • Hanwha ended Q2 with $158.2M in cash, $470.5M in short-term borrowings, and $261M in long-term debt.
    • Q2 results, PR
    | Aug. 28, 2014, 10:55 AM
  • Aug. 28, 2014, 9:25 AM
    | Aug. 28, 2014, 9:25 AM
  • Aug. 28, 2014, 6:39 AM
    • Hanwha SolarOne (NASDAQ:HSOL): Q2 EPS of -$0.10.
    • Revenue of $178.5M (-6.4% Y/Y).
    | Aug. 28, 2014, 6:39 AM
  • Aug. 19, 2014, 10:20 AM
    • "Based on our checks, we estimate the probability of [trade settlement] success is now ~30-40% vs. prior expectations of 5-10%," writes Roth. "The narrative for Chinese solar stocks, in our view, has shifted to a more positive tone."
    • Roth's remarks follow a letter from a law firm representing the Chinese government to the U.S. Commerce Department proposing talks for a solar tariff suspension agreement. Last week, Beijing retaliated against U.S. solar module tariffs by closing a loophole for U.S. and Korean polysilicon imports.
    • Though admitting many Chinese suspension offers have been rejected over the years, Roth thinks "the Chinese government would not have made an offer without believing it would have a decent probability of success as it does not want to be rejected by the US government publicly."
    • Notable gainers: YGE +3.9%. TSL +3.9%. JASO +3.3%. SOL +3.9% CSUN +6%. HSOL +4.3%.
    • Solar ETFs: TAN, KWT
    | Aug. 19, 2014, 10:20 AM | 2 Comments
  • Aug. 5, 2014, 11:57 AM
    • Bloomberg reports China's National Energy Administration (NEA) might soon announce policies calling on local planners to support more distributed solar projects - specifically, projects in industrial zones, and for companies with buildings sporting large rooftops.
    • Among others things, local governments will be encouraged to offer more distributed solar subsidies, and to promote installations on public infrastructure. Financial firms will be urged to offer discounted loans, and to create solar investment funds.
    • China is aiming for 8GW of 2014 distributed solar installations (to go with 6GW of utility-scale installations), but there have been doubts the target will be hit following a slow start to the year. Deutsche argued in May 2GW could be a more realistic distributed target.
    • Chinese solar names are up strongly. U.S. giant First Solar reports after the bell. TSL +8.4%. CSUN +7.6%. JKS +8.3%. SOL +6.7%. CSIQ +6.3%. JASO +5.7%. HSOL +4.8%. YGE +4.8%. DQ +4.1%. YGE +4.8%.
    • Solar ETFs: TAN, KWT
    | Aug. 5, 2014, 11:57 AM | 3 Comments
  • Aug. 1, 2014, 12:26 PM
    • Solar stocks are underperforming (TAN -4%) amid a market selloff after SunPower (SPWR -8.5%) posted mixed Q2 results and provided Q3/2014 guidance ranges with midpoints below consensus.
    • SunPower also announced it's building a new plant (Fab 5) that could go live in 2017 and eventually produce 700MW+/year of modules, boosting its capacity by over 50%. "Our share has been in single digits for a while and demand for the last 24 months suggests that we can expand share," says CEO Tom Werner.
    • The announcement comes 6 weeks after SolarCity (SCTY -3.5%) unveiled plans to build a 1GW+ module plant with newly-acquired Silevo's help, and said it will later build "one or more significantly larger plants at an order of magnitude greater annual production capacity."
    • Minimal capacity investments, together with rising U.S./Asian demand, have helped module prices stabilize following gut-wrenching declines in prior years.
    • Also: SunPower stated on its CC (transcript) it hasn't decided whether to create a solar project YieldCo similar to SunEdison's (SUNE -4.3%) TerraForm Power (TERP -4.7%), which recently turned in a strong IPO. "It does not look like the company is likely to make a decision anytime soon," says Raymond James.
    • Nonetheless, Brean has upgraded SunPower to Buy, citing optimism about strong demand and healthy pricing.
    • Other notable decliners: FSLR -3.6%. TSL -8.4%. JKS -6%. CSIQ -5.6%. CSUN -5.7%. YGE -5%. SOL -4.5%. ENPH -5.8%. RGSE -4.5%. HSOL -3.9%. JASO -4.4%.
    | Aug. 1, 2014, 12:26 PM | 7 Comments
  • Jul. 28, 2014, 7:59 AM
    • Solar names are under pressure following the U.S. government's move to place anti-dumping duties as high as 165% percent on solar panels and cells from China.
    • China condemns the action, saying "if escalating problems in the China-U.S. solar industry are ignored, in the end it will damage up and downstream industries in both countries."
    • Moving sharply lower premarket: YGE -5.1%, CSIQ -4.3%, JKS -3.8%, TSL -2.7%, JASO -2.5%, SCTY -2.2%, HSOL -4.9%
    • Moving up: SPWR +1.8%, FSLR +2.7%.
    • ETFs: TAN, KWT
    | Jul. 28, 2014, 7:59 AM | 6 Comments
  • Jul. 27, 2014, 10:18 PM
    • The Commerce Department has imposed preliminary anti-dumping tariffs ranging from 26%-165% on Chinese and Taiwanese solar cell/module imports. The tariffs come on top of the anti-subsidy tariffs imposed in early June, and in spite of a WTO ruling declaring U.S. solar tariffs violate global trade rules.
    • Among the affected exporters,Trina (NYSE:TSL) is getting off the lightest: Between the June and July tariffs, it's dealing with a combined rate of 29.3%.
    • Yingli (NYSE:YGE), Canadian Solar (CSIQ), and Hanwha (NASDAQ:HSOL) are set to pay a combined rate of 47.27%, and Suntech (NYSE:STP) a combined rate of 49.24%. ReneSola (NYSE:SOL) and JinkoSolar (NYSE:JKS) have to pay a 58.87% anti-dumping rate.
    • Chinese module makers can pay 2012 tariff rates instead if they use Chinese (rather than Taiwanese) cells. Those rates are generally a little milder, often ranging from 24%-31%.
    • "The tariffs in this case are so high as to prohibit basically any manufacturer from selling at a competitive price in to the U.S," says GTM Research's Shayle Kann. A final DOC ruling on the tariffs is expected around Dec. 15, and an ITC ruling on Jan. 29. (the full ruling - .pdf)
    • U.S. rivals First Solar (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR) stand to benefit. Their shares rose following the June tariff announcement.
    • Other Chinese solar firms: JASO, CSUN, LDK
    | Jul. 27, 2014, 10:18 PM | 20 Comments
  • Jul. 8, 2014, 10:08 AM
    • OTR Global reports the Chinese government is thinking of cutting its 2014 solar installation targets due to credit availability issues.
    • The government previously set a 2014 installation target of 14GW (8GW distributed systems, 6GW utility). Deutsche has already expressed doubts about its feasibility following a soft Q1.
    • U.S. and Japanese shipments have been faring better, but new DoC tariffs could take a toll on near-term Chinese sales to the former market.
    • Solar stocks are lower amid a market selloff: YGE -5.3%. CSIQ -4.7%. SCTY -3.5%. FSLR -3.5%. SPWR -3.2%. JKS -4.6%. HSOL -4.4%. SOL -3.5%. DQ -3.4%. CSUN -5%. TSL -2.7%. ENPH -3%.
    • Solar ETFs: KWT, TAN
    • Update: OTR's note comes amid a report the Chinese government plans to hike its subsidies for power sales stemming from rooftop solar projects by up to 55%, putting their revenue (on a per-kWh basis) on par with ground-mounted projects.
    | Jul. 8, 2014, 10:08 AM | 25 Comments
  • Jun. 17, 2014, 12:55 PM
    • SolarCity has announced plans to build a 1GW+ module plant in NY, and to follow it up with one or more much larger facilities. Notably, the company declares (in spite of a current capacity glut) it needs to build the plants to meet long-term solar demand.
    • Yingli missed Q1 estimates, but reported a healthy gross margin (thanks in part to strong Japanese sales) and reiterated full-year guidance.
    • Also: Goldman is out with a bullish note, predicting rooftop solar installations will post a 40% CAGR through 2016.
    • Gainers: FSLR +2.8%. SPWR +4.2%. SUNE +4.4%. JASO +8.2%. SOL +7.5%. JKS +6.5%. CSIQ +7.4%. DQ +4.2%. ASTI +3.9%. HSOL +6.9%. TSL +5.6%. ENPH +3.5%. CSUN +3.7%. RGSE +11.3% (announced a new Hawaiian deal).
    • SolarCity's plans are a positive for equipment vendors GT Advanced (GTAT +1.5%) and Veeco (VECO +1.6%), each of which has seen its solar orders plummet thanks to the capacity glut.
    • Solar ETFs: KWT, TAN
    • Yesterday: Solar stocks rally; Deutsche upbeat on YieldCo potential
    | Jun. 17, 2014, 12:55 PM | 13 Comments
  • Jun. 16, 2014, 11:05 AM
    • "We are becoming increasingly constructive on the solar sector as we expect further tightening of the solar supply/demand balance and expect increased investor interest driving valuation multiple expansion," says Deutsche, which last month struck a far more cautious tone on the industry.
    • The firm adds it expects "the emergence of 5-6 publicly traded [solar project] YieldCos over the next 12-18 months to act as a robust growth enabler." It has upgraded SunEdison (SUNE +6.4%), which recently filed an S-1 for its TerraForm Power (TERP) YieldCo, to Buy.
    • YieldCo momentum is seen growing ahead of potential 2016 U.S. solar tax credit changes, and greater international activity is expected to start in 2015, as grid parity is reached in more markets.
    • Notable gainers: FSLR +3%. SPWR +4.7%. CSUN +5.2%. SOL +4.8%. RGSE +3.4%. HSOL +3.4%. YGE +3.3%. CSIQ +3.1%.
    • SunPower might also be getting a lift from news of a $200M, 2-year loan program with Admirals Bank to finance U.S. residential solar projects. SunPower has already reached residential financing deals with Google and BofA/Merrill this year.
    • Solar ETFs: KWT, TAN
    | Jun. 16, 2014, 11:05 AM | 5 Comments
  • May 14, 2014, 7:13 AM
    • Hanwha SolarOne (HSOL): Q1 EPS of -$0.24.
    • Revenue of $183.1M (+2.3% Y/Y).
    | May 14, 2014, 7:13 AM
  • Apr. 30, 2014, 7:46 AM
    • Seong-woo Nam, most recently the GM of Samsung's IT solutions ops (including PCs and printers), has been named Hanwha's (HSOL) new chairman and CEO. His appointment comes two weeks after Hanwha announced Ki-Joon Hong, its former chairman/CEO, has retired from the company.
    • At Samsung, Nam oversaw a unit with 13K employees, and which grew revenue by over 3x in a 4-year span. Hanwha currently has ~7K employees.
    • Separately, Hanwha has announced its Q1 report will arrive on May 14.
    | Apr. 30, 2014, 7:46 AM
  • Apr. 28, 2014, 2:15 PM
    • The latest rout in once-high-flying tech momentum plays isn't leaving solar stocks unscathed. The Guggenheim Solar ETF (TAN -6.2%) is now down 21% from its March 7 high of $51.07.
    • Likely adding fuel to the fire: Credit Suisse has slashed its 2014 Chinese solar installation forecast by 500MW to 11.5GW, soundly below the government's 14GW target (set in February). CS thinks policy changes related to utility-scale projects, feed-in tariff reimbursement, and distributed solar incentives are needed for investment to pick up.
    • The firm adds JinkoSolar (JKS -10.8%), Trina (TSL -12.2%), and Canadian Solar (CSIQ -12.8%) are well-positioned to profit from downstream projects, given they have access to financing from the China Development Bank and other sources. On the other hand, it thinks Yingli (YGE -4.1%) and ReneSola (SOL -8.8%) are "less likely to access project capital due to their strained balance sheets." Yingli recently priced a stock offering expected to yield $83M in net proceeds.
    • Other decliners: FSLR -5.3%. SCTY -7.1%. SUNE -6.8%. CSUN -9.8%. JASO -9.4%. DQ -9.3%. HSOL -5.9%. SPWR -5.1%.
    | Apr. 28, 2014, 2:15 PM | 23 Comments
Company Description
Hanwha Q CELLS Co., Ltd. is engaged in the development, manufacture, and sale of photovoltaic (PV) related products. Its products include silicon ingots, silicon wafers, PV cells, and PV modules. It also provides PV module processing services. The company was founded on August 27, 2004 and is... More
Sector: Technology
Industry: Semiconductor - Specialized
Country: China