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

- NASDAQ
  • Tue, Feb. 24, 10:18 AM
    • Beaten down over the last several months as oil and natural gas prices tumbled, solar stocks are rallying today (TAN +3.9%) after First Solar and SunPower announced they're in talks to form a solar project YieldCo, with plans to eventually do an IPO for it.
    • The announcement comes less than a year after SunEdison (SUNE +1.5%) took its TerraForm Power (TERP +1.8%) solar project YieldCo public. Canadian Solar (CSIQ +8.1%), which has said it's looking to do a YieldCo at some point, is among today's biggest gainers (not counting First Solar/SunPower).
    • Other standouts: SCTY +3.6%. JKS +6.2%. SOL +5.2%. TSL +4%. JASO +3.1%. YGE +4.3%. CSUN +4.5%. ENPH +2.4%.
    | 1 Comment
  • Tue, Feb. 3, 10:59 AM
    • Solar stocks are adding to yesterday's gains in a big way (TAN +3.6%) as oil prices (and oil/gas stocks) continue their recent rally: WTI crude is up $1.51 today to $51.08/barrel. The Nasdaq is close to breakeven.
    • Also possibly helping solar firms: Canadian Solar's (CSIQ +21.2%) $265M deal to buy North American solar project developer Recurrent Energy from Sharp. The deal, which CSIQ estimates spells a $2.3B+ revenue opportunity, acts as a fresh vote of confidence for the downstream U.S. solar market in the wake of oil and natural gas' big declines.
    • Notable gainers (besides CSIQ): FSLR +4%. SPWR +5.1%. JKS +8%. JASO +6.5%. SOL +7.1%. VSLR +6.3%. ASTI +7.7%. CSUN +7.7%. YGE +4.7%. HSOL +8.8%. DQ +3.4%. ENPH +5.8%. TSL +5.5%.
    | 17 Comments
  • Mon, Feb. 2, 11:30 AM
    • WTI crude oil soared above $48/barrel on Friday after ISIS attacked the Iraqi city of Kirkuk, and is holding its ground today. Oil/gas producers are rallying, and so are beaten-down solar firms (TAN +2.2%).
    • Notable gainers: FSLR +6%. SCTY +9.2%. SUNE +5.5%. SPWR +4.9%. TSL +6.6%. JKS +4.8%. CSIQ +4.6%. DQ +13.2%. VSLR +4.4%. JASO +3.8%. ENPH +3.4%. HSOL +3.6%. YGE +4.3%. ASTI +3.1%. SOL +3.4%.
    • RBC made a contrarian call on Friday, upgrading SunPower, JA Solar, and Trina to Outperform. A long list of U.S. and Chinese solar firms are expected to post Q4 results this month.
    | 8 Comments
  • Fri, Jan. 30, 9:21 AM
    • SunPower (NASDAQ:SPWR), JA Solar (NASDAQ:JASO), and Trina (NYSE:TSL) have each received upgrades to Outperform from RBC in the wake of the huge solar rout seen over the last few months. The firm's cites optimism about solar growth and SunPower's plans to build a 700MW+ module plant.
    • SPWR +1.3% in spite of lower Nasdaq futures. JASO +2.5%. TSL +0.8%. SunPower reports on Feb. 24.
    | 5 Comments
  • Mon, Jan. 26, 2:09 PM
    • Though WTI crude is still below $46/barrel and the Nasdaq is only up 0.3%, beaten-down solar stocks are posting big gains (TAN +3.9%). Quite possibly helping: Pres. Obama has said the U.S. will help finance an Indian effort to install 100GW of solar capacity by 2022.
    • The head of an Indian think tank estimates such an effort would cost $160B. India says it's seeking $100B worth of investments over 7 years. The country's bureaucracy/red tape has often stalled major foreign investments; the new government has repeatedly promised to change that.
    • First Solar (FSLR +4.1%) and SunEdison (SUNE +4.1%) are among the companies to have struck deals for Indian solar projects. SunEdison has announced plans to invest up to $4B in an Indian solar manufacturing plant through a JV. First Solar and Trina (TSL +5.4%) are weighing plans to build their own local plants.
    • Other notable gainers: SCTY +4.7%. JKS +7.5%. SOL +5.8%. SPWR +2.9%. CSIQ +4.6%. JASO +4.4%. RGSE +3.7%. ASTI +9.3%. HSOL +3.2%. DQ +3.7%.
    | 31 Comments
  • 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.
    | 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.
    | 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
    | 3 Comments
  • 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
    | 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%.
    | 43 Comments
  • Nov. 28, 2014, 10:55 AM
    | 47 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.
    | 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.
    | 1 Comment
  • 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
    | Comment!
  • Nov. 13, 2014, 1:58 PM
    • Solar stocks can't catch a break this week. Down on Tuesday following Vivnt Solar's weak results and guidance, and down yesterday in the wake of Canadian Solar's numbers, they're off today after SunPower provided light 2015 guidance.
    • Notable decliners: FSLR -4.3%. SUNE -5%. CSIQ -6.9%. JKS -5%. SOL -4.7%. JASO -3.2%. VSLR -3.7%. SOL -4.7%. CSUN -7.9%.
    • Chinese polysilicon maker Daqo (DQ -10.1%), which posted mixed Q3 results this morning, is selling off after opening higher.
    • Is a lot of bad news priced in? The Guggenheim Solar ETF (TAN -1.6%) is now down 33% from a March high of $51.07, and not far from a 52-week low of $32.23.
    | 17 Comments
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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