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

- NASDAQ
  • 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
    | 20 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
    | 13 Comments
  • Jun. 4, 2014, 9:30 AM
    • The Department of Commerce has imposed new preliminary tariffs on Chinese solar module imports, covering both modules featuring Chinese and non-Chinese cells. Trina (NYSE:TSL) is seeing an 18.56% tariff, bankrupt Suntech (NYSE:STP) a 35.21% tariff, and most other firms a 26.89% tariff.
    • The move follows a complaint from Germany's SolarWorld that Chinese firms are using a loophole involving imported cells to sidestep the DOCs 2012 tariffs. A separate anti-dumping decision is due on July 25.
    • Morgan Stanley notes many were expecting either a lower tariff (perhaps around 15%) or a settlement similar to the EU/China deal. Not surprisingly, the Chinese government says it's "strongly dissatisfied" with the DOC's action, and warns it could hurt trade ties.
    • Chinese solar exporters are off: TSL -6.2%. YGE -5.8%. CSIQ -5.1%. JKS -8.8%. JASO -4.4%. CSUN -3.3%.
    • U.S. peers First Solar (FSLR +2.5%) and SunPower (SPWR +5.5%) are higher. But SolarCity (SCTY -2.8%) and SunEdison (SUNE -3.5%) are off, as investors fear higher panel costs for solar projects. Also: SunEdison has announced a new $500M convertible debt offering. $350M-$400M of the proceeds will go to its TerraForm Power (Pending:TERP) spinoff.
    • Solar ETFs: KWT, TAN
    | 22 Comments
  • May 21, 2014, 11:36 AM
    • Though Trina's Q1 module shipments were only in-line with the company's revised guidance, it's expecting Q2 shipments will rise 70%-81% Q/Q.
    • Volatile solar stocks are responding well (TAN +3.8%) to Trina's outlook, which follows a more subdued Q2 growth forecast from Canadian Solar (CSIQ +3.6%) last Friday, and comes amid general concerns about Chinese growth.
    • Notable gainers (besides Trina): CSUN +14.1%. SOL +8.7%. JKS +6.6%. YGE +5.9%. DQ +5.7%. JASO +4.9%. ASTI +6.8%. ENPH +3.9%. SUNE +2.7%.
    • NPD Solarbuzz recently noted the world's top-20 module suppliers are collectively forecasting 30%+ 2014 shipment growth. The firm added the outlooks imply 2014 end-market demand will be near 50GW.
    | 4 Comments
  • May 8, 2014, 9:16 AM
    | Comment!
  • May 8, 2014, 8:13 AM
    • JA Solar's (JASO) Q1 cell/module shipments totaled 638.1MW, -4.1% Q/Q and +44.1% Y/Y, and soundly above guidance of 580MW-610MW. Shipments are expected to grow to 670MW-700MW in Q2.
    • For now, full-year guidance of 2.7GW-2.9GW (200MW for JA's downstream projects) is being reiterated.
    • Gross margin rose to 16.7% in Q1 from 15.5% in Q4 and 6% a year ago. Opex rose 18% Y/Y, less than rev. growth of 35.7%.
    • While cell shipments fell 17.2% Q/Q to 250MW, module shipments rose 6.8% to 388MW.
    • Thanks to surging Japanese demand, Asia-Pac markets other than China made up 52.8% of Q1 shipments. Europe (14.8% of shipments) was also a geographic strong point. China only accounted for 26% of Q1 shipments (seasonality), and the U.S. 4.1%.
    • Q1 results, PR
    | 2 Comments
  • May 8, 2014, 7:14 AM
    • JA Solar (JASO): Q1 EPS of $0.32 beats by $0.26.
    • Revenue of $366M (+35.5% Y/Y) beats by $35.46M.
    • Press Release
    | 8 Comments
  • May 7, 2014, 5:30 PM
  • 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%.
    | 23 Comments
  • Apr. 22, 2014, 3:56 PM
    • Solar stocks are among the biggest winners (TAN +5.2%) on a good day for momentum stocks.
    • SunEdison (SUNE +11.6%) is leading the pack after David Einhorn disclosed he has added to the position he started in Q4, and predicted lower solar costs and rising electricity prices should make the company a "winner." Einhorn is less crazy about tech momentum plays in general.
    • Meanwhile, Canadian Solar is benefiting from a Japanese module deal, and SunPower (SPWR +6.5%) and SolarCity (SCTY +6.4%) are getting a lift from a Goldman note calling the companies its two best solar ideas. SunPower reports on Thursday.
    • Other notable gainers: YGE +7.9%. DQ +9.2%. JKS +7.4%. SOL +6.8%. HSOL +6.7%. ENPH +6.2%. JASO +4.5%.
    | 3 Comments
  • Apr. 16, 2014, 9:43 AM
    | 52 Comments
  • Apr. 14, 2014, 11:57 AM
    • JA Solar (JASO +7.4%) now expects Q1 solar cell/module shipments to top 620MW, putting them above prior guidance of 580MW-610MW. In addition, gross margin is expected to rise from a Q4 level of 15.5% (already up 420 bps Q/Q).
    • Full-year cell/module guidance (2.7GW-2.9GW, of which 200MW is expected to involve JA's downstream projects) is being reiterated.
    • JA's Q1 guidance hike comes in spite of recent warnings from Yingli and Trina.
    | 1 Comment
  • Apr. 10, 2014, 4:01 PM
    • Following a two-day rebound, high-beta tech stocks are seeing monumental losses once again. The Nasdaq is closing with its biggest one-day decline since 2011 (eclipsing last week's 110-point drop).
    • Security hardware/software providers were hard-hit following Imperva's (IMPV -43.8%) big warning: FEYE -11.6%. PANW -6.4%. PFPT -9.8%. FFIV -4.7%. KEYW -6.5%. FTNT -6.9%. QLYS -10.4%.
    • Other high-beta enterprise names didn't fare much better: DATA -10%. SPLK -10.3%. WDAY -9.3%. VRNS -8%. EOPN -7.9%. FIO -7.6%. BLOX -9.7%.
    • Major Internet decliners: P -11%. YELP -10.6%. ZNGA -6.6%. YY -7.3%. QIHU -9.3%. SINA -6.6%.
    • Solar: TSL -10.4%. CSIQ -10.4%. JKS -7.9%. SPWR -7.4%. JASO -6.8%. CSUN -8.2%.
    • 3D printing: DDD -10.6%. VJET -13.3%. ONVO -8.1%. XONE -7.7%. SSYS -6.7%.
    | 16 Comments
  • Apr. 1, 2014, 9:40 AM
    • Nvidia (NVDA +3.4%) has been upgraded to Outperform by JMP. The company made a flurry of product announcements last week.
    • InvenSense (INVN -2.2%) has been cut to Market Perform by Oppenheimer. A Galaxy S5 teardown recently turned up a 6-axis InvenSense motion sensor.
    • Rubicon (RBCN +10%) has been upgraded to Overweight by JPMorgan.
    • JA Solar (JASO +5.2%) has been started at Outperform by Northland.
    • Tablueau (DATA +1.4%) has been upgraded to Outperform by Baird.
    • Informatica (INFA +4.2%) has been upgraded to Overweight by Barclays.
    • MagnaChip (MX -2.5%) has been cut to Neutral by Chardan Capital following Friday's restatement/CFO news. UBS downgraded shares to Sell yesterday.
    • Extreme Networks (EXTR +6%) has been started at Buy by Wunderlich. The company recently launched several new software products, as well as 100-gig Ethernet blade for its switches.
    • Coupons.com (COUP -2.2%) has received a bullish rating from BofA/Merrill, and neutral ones from Goldman and RBC, on underwriter coverage day.
    | Comment!
  • Mar. 17, 2014, 10:06 AM
    • JA Solar (JASO +9.6%) expects cell/module shipments in seasonally weak Q1 to total 580MW-610MW, and full-year shipments to amount to 2.7GW-2.9GW, 200MW of which will be for the company's own solar projects. The full-year guidance range compares with a 2013 level of 2.1GW.
    • Q4 shipments totaled 665.MW, +33% Q/Q and Y/Y, and well above a guidance range of 500MW-550MW. Cells accounted for 302.2MW of shipments (+55% Q/Q and +70% Y/Y), and modules 363.3MW (+19% Q/Q and +13% Y/Y).
    • Helping JA's bottom line: Gross margin rose to 15.5% from 11.3% in Q3 and -4.6% a year ago, and opex fell 34% Y/Y to $45.6M even as revenue rose 29.5%.
    • China made up 53.2% of Q4 shipments, up sharply from 38.7% in Q3. The rest of Asia-Pac accounted for 31.7% vs. 39.3%, Europe 8.3% vs. 9.5%., and the Americas 5.9% vs. 10.7%.
    • JA ended Q4 with $350.2M in cash/equivalents, and $583.5M in debt.
    • Q4 results, PR
    | Comment!
  • Mar. 17, 2014, 9:09 AM
    | Comment!
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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