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JA Solar Holdings, Co., Ltd. (JASO)

  • Tue, Jan. 20, 12:40 PM
    • Chinese solar plays JinkoSolar (JKS -6.7%), ReneSola (SOL -3.9%), JA Solar (JASO -3.5%), Daqo (DQ -9.3%), and Trina (previously covered) are posting sizable losses. As is Canadian Solar (CSIQ -10%), which depends heavily on its Chinese manufacturing ops.
    • The decline comes as WTI crude oil falls by 3.7% to $46.89/barrel, and Henry Hub natural gas falls by 8.6% to $2.86/mmBtu. Also: The Shanghai exchange fell 7.5% on Monday following 3-month ban on new margin trading accounts, before rising 1.8% today. The Nasdaq is currently down 0.3%.
    • Saudi Arabia has provided a bit of bad news, stating it's pushing back the completion date for its massive clean energy program (includes $109B worth of solar investments) by 8 years to 2040. Unlike many of its top energy customers, Saudi Arabia depends heavily on oil (suddenly much cheaper) for electricity production.
    • U.S. solar stocks are also underperforming, but less dramatically. The Guggenheim Solar ETF (TAN -2.3%) is less than $0.30 away from its 52-week low of $31.77.
    • Update: Also potentially hurting: A Chinese government study found 23% of solar panel samples taken from local firms featured glass coating defects that can affect long-term power efficiency. The defects were in products set to be used in China.
    | Tue, Jan. 20, 12:40 PM | 22 Comments
  • Tue, Jan. 6, 2:47 PM
    • The broad Monday selloff in solar names that accompanied WTI crude's plunge towards $50/barrel has been followed by major Tuesday losses (TAN -2%) as WTI falls by another $2.34 to $47.70/barrel.
    • Brent crude is down by $2.44 to $50.67/barrel, and Henry Hub natural gas is up by $0.03 to $2.91/mmBtu (still down sharply over the last few months). The Nasdaq is down 1%.
    • 3%+ decliners: SUNE -5.9%. SPWR -4.3%. JKS -5.8%. DQ -9.4%. VSLR -4.6%. YGE -4.4%. HSOL -4.5%. ENPH -7.6%. CSUN -8.8%. TSL -3.4%. ASTI -10.2%. CSIQ -3.9%.
    • SA author Short/Long Trader sees a buying opportunity. Though admitting a "historic connection" exists between oil prices and renewable investment, the author sees little impact on rising solar demand from low oil prices going forward.
    • Trina, Canadian Solar, and JA Solar (JASO -1.4%) are Short/Long's favorite picks, given their low valuations - all three have P/Es below 10 - and generally healthy fundamentals.
    | Tue, Jan. 6, 2:47 PM | 16 Comments
  • Dec. 31, 2014, 1:43 PM
    • Given recent government comments about supporting M&A (along with various policy incentives) to strengthen the Chinese solar industry, Brean thinks smaller firms could be snapped up, thereby providing a stronger supply/demand and pricing environment for bigger names.
    • Trina (TSL +7.9%), JA Solar (JASO +3%), Yingli (YGE +1.8%), JinkoSolar (JKS +4%), and Daqo (DQ +4.7%) are higher on a quiet New Year's Eve trading day. Trina might also be getting a lift from announcing it has set a new record (324.4Wp) for "power output from a high efficiency multi-crystalline silicon PV module." The accomplishment follows the development of a solar cell with 20.76% efficiency.
    • This year has seen debt-laden LDK Solar (OTCPK:LDKYQ) strike a restructuring deal and get moved to the pink sheets; shares are currently at $0.08. Last year, Suntech's Wuxi, China unit filed for bankruptcy and was later sold to solar cell maker Shunfeng Photovoltaic.
    • Last week: Chinese solar firms reportedly looking to build overseas plants
    | Dec. 31, 2014, 1:43 PM | 3 Comments
  • Dec. 26, 2014, 5:16 PM
    • Taiwanese solar industry sources tell Digitimes leading Chinese solar module vendors "have plans to set up overseas production lines to avoid US antitrust taxation."
    • Believing a large gap exists between U.S. solar demand and what U.S. and European module makers can supply - trade group SEIA forecasts U.S. installations will rise from 6.5GW in 2014 to 8.5GW in 2015 and nearly 12GW in 2016 - some Chinese firms reportedly "plan to set up overseas module and cell production lines with an estimated total annual capacity of 2GWp."
    • The report comes after the DOC made final decisions to impose new tariffs on Chinese module makers, and thereby close a loophole that allowed the companies to avoid 2012 tariffs (still in place) by using non-Chinese cells. The ITC is expected to rule on the DOC's move by Jan. 20.
    • Chinese module vendors: TSL, YGE, SOL, JKS, HSOL, JASO
    | Dec. 26, 2014, 5:16 PM | 7 Comments
  • Dec. 17, 2014, 4:37 AM
    • The Commerce Department is hiking import duties on solar energy equipment from China and Taiwan, closing a loophole that had allowed Chinese manufacturers to avoid tariffs and sell at illegally low prices in the U.S.
    • Steep anti-dumping duties will now placed on imports of most solar panels made in China and solar cells from Taiwan, likely raising the cost of solar energy at a time of falling oil prices.
    | Dec. 17, 2014, 4:37 AM | 17 Comments
  • Dec. 8, 2014, 8:03 AM
    • JA Solar (NASDAQ:JASO) has shipped 100 MW of modules to the first large-scale solar farm in Pakistan, in the region of Bahawalpur in Punja.
    • Energy demand in Pakistan has grown approximately 8% annually, leaving the country with an estimated deficit in energy production of 6 GW.
    | Dec. 8, 2014, 8:03 AM | Comment!
  • Dec. 5, 2014, 2:35 PM
    • Recently bludgeoned in tandem with plunging oil prices and a broad selloff in anything energy-related, Chinese solar stocks are finishing the week on a high note.
    • Notable gainers: JKS +3.5%. DQ +7.3%. JASO +4.9%. TSL +4.5%. YGE +2.5%. Canadian Solar (CSIQ +5.7%), which depends heavily on its Chinese manufacturing ops, is also faring well.
    • Many solar bulls have been busy arguing the link between oil prices and solar demand is very limited. WTI crude has fallen to $66.14/barrel today.
    • Earlier: SolarCity rallies following CEO's CNBC appearance
    | Dec. 5, 2014, 2:35 PM | 4 Comments
  • Dec. 1, 2014, 12:15 PM
    • With the Nasdaq down 1.3%, solar stocks are adding to the steep Friday losses they saw after OPEC declined to cut production, sparking a huge selloff in oil prices and anything energy/commodity-related. Oil prices have bounced a little today, but WTI crude is still only around $68/barrel.
    • Solar bulls have noted oil only accounts for a small percentage of global electricity production, and that solar stocks have already seen plenty of pain this year. The Guggenheim Solar ETF (TAN -5.2%) is now down 34% from a March high of $51.07.
    • Major decliners: FSLR -6.3%. SPWR -8.4%. SCTY -6%. SUNE -6.4%. SOL -12.8%.JKS -8.1%. CSUN -8.5%. CSIQ -9.3%. DQ -10.3%. VSLR -7.2%. TSL -7.8%. YGE -9.4%. RGSE -7.4%. HSOL -9.5%. TERP -5.8%. JASO -5.2%.
    | Dec. 1, 2014, 12:15 PM | 43 Comments
  • Nov. 28, 2014, 10:55 AM
    | Nov. 28, 2014, 10:55 AM | 47 Comments
  • Nov. 21, 2014, 6:45 PM
    | Nov. 21, 2014, 6:45 PM | 46 Comments
  • Nov. 21, 2014, 10:28 AM
    | Nov. 21, 2014, 10:28 AM | 37 Comments
  • Nov. 19, 2014, 2:43 PM
    • Up yesterday following the SunEdison/First Wind deal and JA Solar's (JASO +1.2%) Q3 beat and guidance hike, several Chinese solar firms are adding to their gains today, even as the Nasdaq drops 0.5%. JKS +5.7%. TSL +3.9%. YGE +3.3%.
    • Roth (Buy, $18 target) is pleased with JA's numbers. "Q4 capacity has been fully booked, and over two thirds of Q1 production has already been allocated ...  Trading at just 3.4x our 2015E EBITDA vs. peer average of 8.0x, we continue to believe JASO is under-appreciated and undervalued given the company's strong execution, improving earnings strength, potential for $219mn of 2015 EBITDA, and leading balance sheet (net debt/cap of 24.3%)." It sees a resolution of the U.S./China solar dispute as a potential catalyst.
    • This morning, Trina announced a deal to design, build, and run a 10MW Jordanian solar plant. Construction is expected to start in December, and grid connection is expected to happen in Q2 2015.
    | Nov. 19, 2014, 2:43 PM | 3 Comments
  • 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
  • Nov. 18, 2014, 9:13 AM
    | Nov. 18, 2014, 9:13 AM | Comment!
  • Nov. 18, 2014, 7:07 AM
    • JA Solar Holdings (NASDAQ:JASO): Q3 EPS of $0.21 beats by $0.03.
    • Revenue of $492.23M (+71.3% Y/Y) beats by $66.98M.
    • Shares +8.97% PM.
    • Press Release
    | Nov. 18, 2014, 7:07 AM | Comment!
  • Nov. 17, 2014, 5:30 PM
JASO vs. ETF Alternatives
Company Description
JA Solar Holdings Co ADR designs, manufactures and markets high-performance solar cells, which are made from specially processed silicon wafers.
Sector: Technology
Country: China