LDK Solar (LDK)
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- Unpredictable Markets? Heed Your Own Voice [view article]
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loading ...Recent LDK Articles
- Unpredictable Markets? Heed Your Own Voice
- Some Big Moves in Tech Today
- Wall Street Breakfast: Must-Know News
- Goldman Turns Cautious on Solar Sector
- VCs To Become Even Bigger Sugar Daddies to Solar Industry
- Solar Gets What They Want, But Stocks Still Suffer
- Chinese Tech Stock Weekly Summary (Sept. 22 - 29)
- Financial Markets Circle the Drain: Where Does That Leave Clean Energy?
- LDK Solar: Now Bottoming?
- LDK Solar: Astounding Growth & Incredible Value
- Full List of Articles »
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LDK Solar: Astounding Growth & Incredible Value [view article]
Hey, Phree, Shhhhh. I'm still accumulating this stock. It may be the single best investment for 2009 and beyond. As always, good article! ReplyLDK Solar: Astounding Growth & Incredible Value [view article]
It's about time someone is noticing the obvious value in this company. Even if there are delays in bringing up all of the polysilicon plant on the exact planned time, the future of this company will be pheonominal! ReplyThree Reasons Solar Sell-off May Be in Early Innings [view article]
someone is eatin crow today! ReplyPursley
Lehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
Oil and gas are renewable and the companies in the sector are well funded."Enormous implications follow from oil and gas being renewable resources." -- Peter R. Odell, 2004 Reply
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Lehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
Do your research. Capstone does not make micro "wind" turbines.The Capstone MicroTurbine™ is a compact, turbine generator that delivers electricity onsite, or close to the point where it is needed. Our MicroTurbine is suitable for applications ranging from remote locations to city centers, delivering clean, high quality power from a wide variety of fuels, with superior safety and emissions. It offers the best value for clean and reliable small-scale power production. Features including maintenance-free air bearings, the lowest emissions of any non-catalyzed fossil fuel combustion, and digital power conversion combine to produce the optimal small-scale generator.
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Lehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
i'm getting on the gebby train. long ldk. ReplyLehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
global warming exists and governments are mandating investment in alternative energy. how is it that these companies with the best of all prospects wont attract investor dollars? these companies announce that the leh collapse will impact earnings by about .05 cents for 2009. this article should read "solar investments still bright despite lehman collapse". citibank raised eslr rating last week. another brokerage is forecasting earnings of .90 in 2010 for eslr. ldk is strong. ReplyLehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
look at the headlines "Lehman Collapse Causes Funding Difficulties for Renewable Energy Companies" is this a news, which only effects Renewable Energy. ReplyLehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
Is there no fact-checking involved in these pieces? Capstone makes Brayton cycle microturbines powered by gaseous or liquid fuels (or in a potential application, air heated by solar energy). They have NOTHING to do with the wind. Replyn
Lehman Collapse Causes Funding Difficulties for Renewable Energy Companies [view article]
It does not seem to be the case. For instance, it is not that LDK Solar (LDK) intended to raise $200 million. It has already raised $200m. As a matter of fact, LDK sold 4.8 million shares, which exceeded the 3.8 million it planned to sell. ReplyLDK Wants $200M More for Manufacturing [view article]
Way to repost the same article from Friday on Greentech's site. Mrs. Kho you are someone who lacks all journalistic credability. The intentional one sided view of your articles on LDK, as well as using Pichel and Hakan (A short side analyst and a suspected short of LDK) as your references is beyond belief. If you bothered to read the SEC filing from LDK you might actually understand the sale was completed at a better than expected price. As well please do not repost articles from a few days ago as new in the hopes to scare off investors or further manipulate perceptions. ReplyLDK Wants $200M More for Manufacturing [view article]
old news... ReplyLDK Wants $200M More for Manufacturing [view article]
there is no point to this write up/article, useless... ReplyLDK Wants $200M More for Manufacturing [view article]
Canb888,Thank you for posting the other article. I have corresponded with Jennifer Kho about the tone of her articles in the past, but gave up. I don't think that she's negative or vindictive - I think she just knows absolutely ZERO about business (which she admits to). Her fascination with constantly quoting Jesse Pichel, when there are many other analysts that are much fairer does not help my opinion of her, either.
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LDK Wants $200M More for Manufacturing [view article]
Here is the full article for all to compare:LDK Solar pulls off $200 million follow-on
By Anette Jönsson | 22 September 2008
The deal is launched before the opening of US trading on Friday and prices at a 4.55% discount to the previous day's close.
In a surprising move, coming right at the end of one of the most volatile and hectic weeks in recent Wall Street history, LDK Solar succeeded in raising $200.4 million through a follow-on offering. The Chinese solar wafer manufacturer grabbed a window that opened up after its share price rebounded 16% from Monday’s low amid a recovery in the broader market sentiment and the gamble paid off. Demand was even strong enough to allow the deal to be upsized by 26%.
The company initially offered 3.8 million American depositary shares at a 2% to 7% discount to Thursday’s close of $43.74. It ended up selling 4.8 million ADS – all backed by primary common shares – at a price of $41.75, or a 4.55% discount. At the final size, the offering accounted for about 4.5% of the existing share capital.
The deal was launched an hour before the US market opened on Friday and was covered in 20 minutes. However, the lead managers weren’t able to close the books until about 30 minutes into the trading session as they had to wait for the necessary regulatory approvals to come through, which meant the price had to be fixed while the stock was moving. But investors stuck with the deal and surprisingly didn’t show much price sensitivity. A source said the price could have been fixed at the top, although that might have been a bit too provocative in light of the panic sell-off in US markets earlier in the week.
The order book was said to have included about 40 accounts and comprised existing investors as well as solar power specialists and those who were chasing liquidity. Given the timing of the deal (kick-off was at 8.30pm Hong Kong time), the buyers were predominantly US-based, but with some interest from Europe and Asia.
LDK’s share price fell 5.3% to $41.44 in Friday’s trading and while this meant it closed below the placement price, the share price did recover from an intraday low of $39.15, suggesting that investors were still prepared to support the stock. The fact that the company was raising money primarily to fund capacity expansion likely worked in its favour here. LDK did underperform the market though, with most other solar power plays gaining ground and the Dow Jones index rallying 3.4%, following a 3.9% gain on Thursday.
The initial fall in the company’s share price may have been a reaction to the unusual way in which the shares were sold. US follow-ons are typically marketed during at least one, and often several, trading sessions against a moving share price. Investors may also have been surprised by the fact that the deal was launched on a Friday. According to the source, this is the first SEC-registered block trade to be done on a Friday morning ever.
This unusual approach brings further evidence that a bit of innovation, and indeed a lot of flexibility, may be needed to get deals out the door in the current environment which continues to be marked by violent day-to-day swings in global stock markets. The acute confidence crisis that had plagued the market for about a week-and-a-half and ultimately forced Lehman Brothers to file for bankruptcy protection, Merrill Lynch to agree to sell itself to Bank of America and insurer AIG to accept a costly government loan facility, appeared to have eased off on Thursday and Friday in response to the US government’s proposed $700 billion rescue package, but there is still no telling how long the current rebound will last. Recently no rally has lasted more than a couple of days, adding to the urgency to grab the window when it appears.
LDK mandated Goldman Sachs, J.P.Morgan and UBS for a capital raising exercise some time ago, and the first few filings on Friday morning suggested that the three banks would all be involved in the deal. However, when it was launched, J.P.Morgan was no longer on the ticket. No explanation was given, but it is possible that the bank didn’t feel comfortable to support a deal at such short notice. Goldman and UBS acted as joint bookrunners.
LDK said it would use 60% of the proceeds towards the ongoing construction of a polysilicon manufacturing plant, which was begun in August 2007 and marks its first move upstream in the value chain. Polysilicon, which is used as a raw material in solar wafers, has been in short supply for the past couple of years and by starting to produce its own, LDK will go some way towards securing its future needs. It expects to have an aggregate installed annual production capacity of approximately 7,000 tonnes of polysilicon by the end of 2008 – allowing it to produce 100 to 350 tonnes of polysilicon this year, and 16,000 tonnes by the end of 2009. Aside from these efforts to produce its own raw material, LDK believes it has enough inventory and commitments from suppliers to satisfy substantially all of its estimated requirements through 2008.
Another 30% of the proceeds will go towards the expansion of its production capacity of multicrystalline wafers from 880MW as of June 30 to 1,100MW by the end of this year and approximately 2,000MW by the end of 2009. It will also begin commercial production of monocrystalline wafers in the fourth quarter this year and expect to reach an annual capacity of 200MW by the end of 2009. Monocrystalline wafers have a higher efficiency than their multicrystalline equivalents, but cost more to produce.
LDK has experienced strong earnings growth since it made its first commercial wafer sale in April 2006 and in the six months to June, its bottom line improved by 274% year-on-year to $199.4 million. The share price remains volatile though and, while it has recovered from a 2008 low just below $20 in March, it is still down 40% from a year ago. The 16% bounce on Tuesday through Thursday last week came on the back of a 7.5% drop on Monday.
The successful outcome of this deal may improve the chances for solar cell manufacturer Gintech Energy Corp to complete its planned sale of about $150 million worth of global depositary receipts. The Taiwan-listed company set off on a nine-day roadshow on Wednesday last week and if the response is positive, it will conduct a one-day bookbuilding at the end of it. ABN AMRO and UBS are the joint bookrunners.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
It's like night and day, completely different. Reply