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- JA Solar boasts some of the highest efficiency panels in the world.
- The company employs a highly vertically integrated manufacturing model and is planning to extend its business further into the downstream solar segment.
- JA Solar has a healthy balance sheet, with one of the lowest levels of debt in the industry.
- Although there are many risks facing JA Solar, the company has proven itself more than capable in dealing with obstacles.
JA Solar Holdings: A Company With High Profit Margins For Investors
- JASO is a company worth noticing and putting your money into.
- Investors can make a good profit in the short term.
- Its latest-quarter results are expected to be even better.
Why JA Solar Looks Like A Good Option To Benefit From The Solar Industry's Growth
- The solar market is growing at a rapid pace across the globe as installations are increasing, opening up a significant opportunity for JA Solar.
- JA Solar has made a smart move by shifting its business from cells to modules, as this strategy is helping it deliver impressive growth.
- JA Solar is tapping different international markets in a smart manner with the help of its local associates.
- JA Solar's valuation is cheap, and given the rate at which its earnings are expected to grow, it could turn out to be a smart investment.
- JA Solar reported solid Q3 earnings, beating both top line and bottom line estimates. .
- The company has successfully transformed from manufacturing solely solar cells to manufacturing predominantly higher margin solar modules.
- Japan, which accounted for 36% of shipments, could be a weakness going forward as a falling Yen lowers margins.
- JA Solar posted strong results and excellent guidance including visibility into the first quarter of 2015.
- The low price to book ratio and strong earnings performance make the stock a winner for 2015.
- Stock buy back announced by the management, is substantial and can add significant tailwind to the stock performance.
- JA Solar beats market expectations and reports both good topline and bottomline during Q314.
- Stock remains extremely cheap on all valuation measures.
- Company is benefiting from strong industry growth as capacity remains sold out.
- JA Solar second quarters were underwhelming due to soft demand and ASPs in China and product mix.
- Company's forecast on Q3/Q4 ASPs may be somewhat optimistic and we see risk of further ASP declines and margin pressure.
- The Company's project business, while small, may provide sufficient cushion to overcome the turbulence.
- JA Solar missed earnings estimates for Q2, but posted solid year-over-year gains.
- The earnings miss was a disappointment, but I still have a positive long-term outlook for the company.
- Although I didn't anticipate an earnings miss in my last article, I still think JA Solar will perform well over the long term.
JA Solar Files Shelf Registration: Sign Of Things To Come?
- JA Solar filed an unadvertised self filing for $250M.
- The size of the filing in relationship to its market cap likely indicates strength.
- Coming ahead of Q2 earnings we see this as a positive sign.
- ReneSola nearly qualified for the SEC's watch list for abusive short selling.
- JA Solar did make the list several times in May.
- Frequent small transactions also point towards price manipulation.
- Longs need not be afraid, but naked options trading isn't recommended.
JA Solar's 20.4% Cells: A Fable About How U.S. Companies Keep Underestimating The Chinese
- JA Solar has become the first company to initiate high-volume production of 20%+ p-type sole cells.
- The company's technological innovation and volume ramp contrast with SolarCity's plans.
- We believe U.S. companies and investors perennially underestimate Chinese ingenuity and technological advantage.
JA Solar: Does This Second Fiddle Company Deserve A Second Look?
- JA Solar is a below the radar under appreciated solar company with good execution track record.
- Is spite of its good all around performance, the Company is negatively impacted by the Commerce decision.
- We see very little downside at the current valuation level but at the same time we do not see much upside either until the dust settles.
JA Solar: A Good Buy After A Successful Transformation
- Diversification and integration – forward looking commitment by the company towards solar.
- Low valuation, strong geographical foothold and decent Q1 results offer a great opportunity to invest in this solar stock.
- Low debt acts as a cherry on the cake.
- JA Solar reported earnings early this morning, with EPS of 23c on revenues of $366m.
- The stock trades at a discount compared to peers.
- Options provide a way to invest in the stock at discounted rates. Warning: they are thinly traded.
JA Solar: Significant Upside Is Likely On Valuation And Growth
- Improvements in the solar market have led JA Solar to turn a profit for Q4 2013.
- Strong shipments are expected to continue in 2014.
- Multiple fundamentals are improving for the company which should lead to higher stock prices.
JA Solar: Despite The Strong Rally, Stock Remains A Buy
Earnings Preview: JA Solar Reports Q2 Earnings Aug. 29
Thu, Jan. 23, 9:59 AM
- SEC administrative law judge Cameron Elliot has barred the Chinese units of the Big-4 accounting firms - KPMG, Deloitte, PwC, and Ernst & Young - from auditing U.S.-listed companies for six months.
- Elliot declares the accounting firms "willfully" chose to withhold audit work papers from U.S. regulators for Chinese companies being investigated for accounted fraud. The firms have been worried about violating Chinese privacy laws by turning over the papers, and have argued the dispute needs to be resolved politically.
- Though the firms plan to appeal and say they can continue serving Chinese clients for now, shares of Chinese Web and solar names aren't handling the news well. Soft Chinese PMI data could be worsening matters.
- Chinese Web decliners: BIDU -2.5%. SOHU -3.2%. DANG -8.9%. SFUN -8.5%. PWRD -8.5%. QUNR -7.1%. LITB -6.5%. YY -6.1%. WUBA -6%. BITA -5.4%. EJ -5.9%. SINA -4.6%. LITB -6.5%. CTRP -5.4%. NQ -7.1%.
- Chinese solar decliners: TSL -8.7%. JASO -6.9%. SOL -6.3%. JKS -5.6%. CSIQ -5.4%. DQ -4.6%. YGE -5.6%. CSUN -6.2%. HSOL -7.8%.
- Qihoo (QIHU -4.6%) has joined the selloff in spite of a BrightWire report stating Alibaba (ABABA) has reached a deal to acquire a stake in the company. Marbridge Consulting reported two weeks ago Qihoo and Alibaba were in talks about a possible investment.
Tue, Jan. 7, 1:05 PM
- Solar stocks started 2014 with a bang, and are adding to their momentum today (TAN +4%) with the help of positive industry and company-specific news.
- The Chinese government, which last year set a 35GW 2015 cumulative installation target, is now promising additional support, and says it will draft guidelines for industry M&A. Consolidation with China's fragmented solar cell/module market could both lower overcapacity (already declining thanks to rising demand) and lead to further margin expansion.
- Yingli (YGE +8.7%) and Canadian Solar (CSIQ +7.4%), both of which saw huge 2013 gains, are today's biggest gainers. Yingli has announced it's forming a JV with state-owned China National Nuclear Corp. to create 500MW of utility-scale solar projects. Canadian has announced a deal to supply 25.3MW of modules for four North Carolina projects.
- Also: Hanwha (HSOL +4.6%) has signed an MOU to supply up to 50MW of modules to U.S. residential solar installer OneRoof Energy.
- Other gainers: FSLR +2.7% (hit by a Goldman downgrade yesterday). SUNE +4.4%. DQ +4.9%. CSUN +3.2%. JASO +5.5%. ENPH +6.8%. ASTI +3.8%. JKS +3%.
Thu, Jan. 2, 12:09 PM
- On the first trading day of 2014, solar stocks are picking up right where they left off in 2013. Today's gains come in spite of a general selloff in equities.
- A bullish Deutsche note could be helping the group: The firm's checks lead it to think cumulative Chinese solar installations will pass a 2014 government target of 12GW this year. Last month, Deutsche defended Chinese solar names in the face of concerns about a possible 4GW 2014 cap on local utility-scale installations.
- Yingli (YGE +14.2%) is headlining today's winners. The company has announced it's forming a JV with a unit of Datong Coal Mine to build solar power plants in the Chinese city of Shuozhou. Hanwha, which has announced a Belgian module supply deal, is also up sharply.
- Other big gainers: CSIQ +9.2%. FSLR +4.9%. SOL +7.3%. JASO +6.7%. JKS +6.2%. SCTY +6.1%. TSL +6.1%. LDK +4.6%. SUNE +3.1%. CSUN +7.8%.
- Solar ETFs: KWT +2.9%. TAN +4.4%.
Dec. 30, 2013, 12:56 PM
- Solar stocks aren't getting left out on a day that's seeing a number of heavily-shorted names shoot higher (see NQ Mobile and InvenSense). With one trading day left in the year, the Guggenheim Solar ETF (TAN +2.5%) is up 128% YTD.
- China Sunergy (CSUN +15.5%) is today's biggest winner: The company announced this morning it has completed the sale of a 5MW U.K. solar project to a local firm.
- Trina Solar and Real Goods Solar, each of which announced new solar project deals, are also posting solid gains. As is ReneSola (SOL +3%), which announced it has signed a memorandum of intent to sell 60MW worth of Chinese solar projects.
- Also rallying: DQ +8.2%. JASO +6.5%. SPWR +2.8%. HSOL +6.3%. CSIQ +4.6%. JKS +4%. YGE +6.3%. STP +2.3%. ENPH +4.9%.
Dec. 11, 2013, 1:28 PM
- JA Solar (JASO -3.9%) COO Jian Xie is set to "assume broader leadership" within the company, and become its president. CTO Yong Liu will take over Xie's current job. (PR)
- In addition, CFO Min Cao is being reassigned to the role of chief strategy officer. Replacing him is Herman Zhao, who was JA's CFO from 2006-2008 and has since been the CFO of two other companies.
Dec. 9, 2013, 2:50 PM
- The Chinese government, which has a 12GW 2014 solar installation target, wants to see 8GW of installations involve distributed solar systems (such as those installed on residential and commercial buildings), and just 4GW of higher-margin utility-scale deployments.
- Credit Suisse notes investors are concerned the 12GW target won't be attainable if utility-scale installations are capped at 4GW. It thinks Yingli (YGE -5.9%), Trina (TSL -7%), and JinkoSolar (JKS -5.3%) have the most to lose if such a cap is implemented.
- Nomura is less concerned, noting most companies it has talked to believe 4GW "will be more of a guideline rather than a firm cap." The firm adds China's solar policy discussion is "fluid," and that the government remains committed to supporting solar adoption.
- Notable solar decliners (in addition to the aforementioned companies): HSOL -12.1%. SPWR -5.6%. CSUN -5.5%. JASO -3.4%. DQ -2%.
- Last Friday: Solar stocks fall in spite of market rally
Dec. 6, 2013, 12:25 PM
- Even as markets rally in response to a favorable NFP report, solar stocks are giving back some of this year's gains. ReneSola (SOL -10.3%), which tumbled yesterday after positing Q3 results and announcing it's shuttering a polysilicon plant, is the biggest decliner.
- Credit Suisse has cut its ReneSola PT to $3 from $5, while reiterating an Underperform. The firm notes the plant shutdown removes 40% of ReneSola's polysilicon capacity, and undermines arguments the company will benefit from rising polysilicon prices in 2014/2015. It's also worried about ReneSola's "relatively low margins" and limited downstream (solar plant) exposure.
- One positive piece of industry news: A Japanese trade group estimates Japan's solar cell/module shipments rose 25% Q/Q and 231% Y/Y in Q3 to 2.075GW. Imports accounted for 58% of shipments, and rose 30% Q/Q and 540% Y/Y.
- Rising shipments to Japan have already lifted the sales and margins of many Chinese module suppliers. First Solar (FSLR -1.9%) announced its entry into the market last month.
- Notable solar decliners: YGE -6.7%. TSL -3.5%. CSIQ -2.7%. JKS -2.6%. LDK -2.1%. JKS -2.6%. JASO -2.2%.
- Solar ETFs: KWT, TAN
Nov. 26, 2013, 10:07 AM
- With JA Solar's (JASO -10.5%) shares having tripled from their April lows going into the company's Q3 report, investors aren't in a forgiving mood over its EPS miss, even though it's accompanied by a revenue beat and 500.2MW of cell/module shipments (beating guidance of 450MW-470MW).
- A 37% Q/Q increase in opex to $37.5M (blamed partly on a $7.5M accounts receivable provision) had much to do with the EPS miss.
- JA is guiding for Q4 cell/module shipments of 500MW-550MW, and has upped its full-year shipment guidance to 1.9GW-1.95GW.
- Like many peers, JA is seeing steadily rising gross margins. Q3 GM was 11.3%, up from 8.1% in Q2 and -5.9% a year ago.
- China accounted for 38.7% of shipments, other parts of Asia-Pac 39.3%. Europe's share dove to 9.3% from Q2's 19.7%, while the Americas rose to 10.7% from 7.9%. Module shipments to the U.S. more than tripled Q/Q. Chinese and Japanese demand are also said to be healthy.
- JA ended Q3 with $401.1M in cash/equivalents, and $628.1M in debt.
- Q3 results, PR
Nov. 26, 2013, 7:17 AM
Nov. 26, 2013, 12:05 AM
Nov. 25, 2013, 5:30 PM
Nov. 19, 2013, 2:41 PM
- After steadily rising over the last three weeks, 3D printing stocks are reversing course in dramatic fashion today in the absence of major news. Solar stocks, which have also seen plenty of good days lately, are also selling off hard.
- 3D printer makers 3D Systems (DDD -6.1%), Stratasys (SSYS -7.5%), ExOne (XONE -7.7%), and Voxeljet (VJET -14.1%) are all off sharply, as is custom parts maker Proto Labs ([[PRLB -4.8% - sometimes hyped as a 3D printing play).
- Trina (TSL -4.9%), which provided a big Q3 beat and guidance hike this morning, has turned negative after shooting higher in premarket trading. Other solar decliners: YGE -10.9%. FSLR -4.6%. SOL -6.4%. JASO -6.4%. CSUN -5.6%. JKS 5.7%. DQ -5.5%. SUNE -5.5%. CSIQ -5.3%. SPWR -7.1%.
Nov. 12, 2013, 8:59 AM
- Up strongly yesterday, ever-volatile solar stocks are giving back some of their gains in premarket trading today after Yingli (I, II) and Hanwha (I, II) provided Q3 results and full-year guidance that left investors wanting more following big 2013 run-ups.
- Notable decliners: TSL -3.9%. JKS -5.2%. JASO -3.4%. CSUN -3.3%. SCTY -1.3%. SUNE -2.5%.
- Also: Canadian Solar (CSIQ) is down 2.4% in spite of announcing a 32MW module supply deal for a Chinese solar plant, and First Solar (FSLR) is down 0.7% in spite of announcing it has obtained power purchase agreements for a 40MW California power plant it's building.
Nov. 11, 2013, 3:26 PM
- Solar stocks are bouncing back strongly today following last Thursday's SolarCity-led selloff. Though there's no major news trigger for today's gains, industry sentiment has been increasingly positive thanks to good earnings news, optimism about 2014 demand, and signs government support remains healthy.
- China has lifted its 2014 solar installation target to 12GW from 10GW, albeit while keeping its 2015 cumulative installation target intact at 35GW. Meanwhile, Solarbuzz is predicting long-struggling Europe will stabilize in 1H14, and return to growth in 2H14. Germany and the U.K. are expected to account for half of regional demand.
- JA Solar (JASO +10.1%), which has announced a new 70MW module supply deal, is among today's big winners. Others: JKS +10.5%. FSLR +4.2%. SCTY +6.7%. TSL +7.9%. ENPH +5%. YGE +6.7%. CSUN +8.8%. STRI +7.3%.
Nov. 7, 2013, 2:22 PM
- With shares up over 5x YTD going into the company's Q3 report, SolarCity (SCTY -14%) investors are taking profits in the face of a Q3 beat and above-consensus guidance.
- Credit Suisse (Outperform, $75 PT) is defending SolarCity today, while praising the company's operating leverage and incremental retained value per watt (rose 35% Q/Q in Q3 to $1.9)1.
- Goldman (Neutral, $65 PT) also talks up SolarCity's value retention, as well as its declining operational costs/watt (fell to $0.59/watt from $0.80/watt in Q2). But it also cautions expectations were high, points out "no volume upside was provided" for 2013/2014 deployment targets, and that there's "limited clarity" for SolarCity's solar lease securitization efforts.
- On its CC (transcript), SolarCity mentioned it invested $200M+ in solar deployments in Q3, and financed another $86M. The company has been raising funds for its deployment efforts at a breakneck pace.
- Many solar peers are also off sharply on a rough day for tech momentum play. Thanks to good earnings news, the group rallied sharply both on Monday and last Friday. In addition to SolarCity, China Sunergy's poor guidance could also be playing a role.
- Solar decliners: FSLR -4.2%. SPWR -6.1%. SOL -5.1%. JKS -4.8%. YGE -4.7%. JASO -6.5%. DQ -10.2%. SPWR -6.1%. LDK -5.5%. SUNE -3.8%.
Nov. 4, 2013, 12:56 PM
- Positive Q3 guidance revisions from Canadian Solar (previous) and Daqo (DQ +11.2%) are fueling another massive rally in solar stocks, some of which jumped last Friday thanks to blowout Q3 numbers from First Solar (FSLR +4.6%).
- Canadian hiked the midpoint of its Q3 module shipment guidance range by more than 10%, and the midpoint of its gross margin guidance range by 800 bps. Daqo has upped its polysilicon shipment range to 1,200-1,275 MT from a prior 1,000 MT, albeit while slightly lowering its wafer shipment guidance to 6.5-6.6 MT from prior 6.8 MT (shipping delays are blamed).
- The guidance hikes follow a string of positive Q2 reports from Chinese solar firms in August, as companies saw both their sales and margins benefit from growing local demand, diminishing overcapacity, and strong shipments to the high-margin Japanese market. Credit Suisse recently predicted improving demand could lead excess Chinese supply to evaporate by late 2014 or 2015.
- Also: Suntech (STP +13.6%) has officially reached a deal to sell its large and bankrupt Wuxi, China unit to solar cell maker Shunfeng (previous), SunPower (SPWR +10.9%) has announced it's buying module cleaning robot developer Greenbiotics, and SolarCity (SCTY +16.4%) has announced (as part of its seemingly non-stop financing binge) it's selling $54.4M in solar asset-backed notes maturing in Dec. 2026.
- Today's winners, aside from the aforementioned companies: JKS +9.8%. JASO +9.2%. RSOL +8.3%. LDK +6.5%. HSOL +5.2%. YGE +7.4%. CSUN +6%. SOL +6.9%. SUNE +3.5%. TSL +9.7%.
- Solar ETFs: KWT, TAN
JASO vs. ETF Alternatives
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