Thu, Mar. 5, 11:13 AM
- Solar stocks are up sharply in early trading (TAN +3.9%) after Canadian Solar offered strong Q1/2015 guidance to go with more subdued Q4 results, and stated it's "planning to form a YieldCo vehicle." Vivint Solar's Q4 solar installation beat also might be helping.
- Aside from Canadian and Vivint, gainers include SunEdison (SUNE +2.1%), ReneSola (SOL +7%), Yingli (YGE +3.2%), Trina (TSL +4.7%), JinkoSolar (JKS +4.6%), Enphase (ENPH +6%), and China Sunergy (CSUN +15.7%).
- SunEdison has announced it's entering the solar/wind battery storage market by acquiring "the energy storage project origination team, project pipeline, and ... four operating storage projects" from private Solar Grid Storage. In addition to offering battery storage, SunEdison will integrate its Renewable Operation Center with Solar Grid's solar/battery control services.
- ReneSola and Trina moved higher yesterday following their Q4 reports (I, II). Many solar names rallied 9 days ago in response to First Solar and SunPower's YieldCo JV plans.
Wed, Mar. 4, 9:51 AM
- Trina (NYSE:TSL) shipped 1.098GW of solar modules in Q4, up from 1.064GW in Q3 and 770MW a year earlier, and above guidance of 1.045GW-1.095GW. Rising shipments to Europe, China, and the rest of Asia drove the Q/Q growth. Only 28MW of shipments were for Trina's downstream solar projects.
- Trina expects only 840MW-870MW of module shipments in seasonally weak Q1, but a healthy 4.4GW-4.6GW for the whole of 2015 (up from 2014's 3.66GW and good for 20%-26% growth). The 2015 revenue growth consensus (assumes module ASP declines) is at 15.9%.
- The company plans to add 500MW-800MW of module capacity in 2015, partly via low-cost non-Chinese plants. 700MW-750MW of downstream projects are expected to go live.
- Pressuring Q4 EPS: Gross margin fell to 15.7% from Q3's 16.7%, though it was still up from 15.1% a year ago. Trina blames the Q/Q drop on a mix shift towards China and other lower-ASP Asian markets relative to higher-ASP Japan, as well as "a general decline in ASPs in some other key markets."
- Operating expenses were up 35.7% Y/Y and made up 11.4% of revenue vs. 10.9% in Q3 and 11.3% a year ago. Trina ended Q4 with $539.8M in cash and $842.7M in bank borrowings.
- Trina is making new 2015 highs. ReneSola is also higher this morning in response to its Q4 numbers.
- Q4 results, PR
Wed, Mar. 4, 6:01 AM
Tue, Mar. 3, 5:30 PM
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%.
Thu, Feb. 12, 4:02 PM
- SunEdison (SUNE +4.2%), Yingli (YGE +6.5%), Daqo (DQ +7.7%), Trina (TSL +4.3%), Canadian Solar (CSIQ +6.2%), and JinkoSolar (JKS +4.7%) took part in today's market rally in a big way as WTI crude rose 4.9% to $51.25/barrel. The Nasdaq closed up 1.2%.
- Chinese solar names also rallied strongly on Monday. The industry as a whole got some favorable PR on Tuesday when Apple announced it's backing an $850M California First Solar project.
Mon, Feb. 9, 1:46 PM
- While U.S. solar names are generally posting moderate gains or trading near breakeven, many of their Chinese peers are up strongly. Yingli (YGE +4.5%), JinkoSolar (JKS +3.6%), ReneSola (SOL +3.8%), Trina (TSL +3%), and China Sunergy (CSUN +2.8%) are notable gainers. As is Canadian Solar (CSIQ +4.8%), which leans heavily on its Chinese ops.
- Solar stocks (Chinese or otherwise) gained last week (I, II) amid a sharp rally in oil prices. WTI crude is currently at $53.18/barrel, and Brent crude at $58.48/barrel.
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%.
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.
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.
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%.
Tue, Jan. 20, 10:47 AM
- Zhiguo Zhu, formerly the head of Trina's (NYSE:TSL) Module Business Unit, has been promoted to the newly-created position of COO. He'll now be responsible for "leading the Company's environmental health and safety management system and the establishment of the Company's performance excellence management system," while maintaining his prior responsibilities.
- Trina also says it has appointed Sean Shao, the company's CFO from 2006-2008, to its board and audit committee. Separately, the company has unveiled new high-efficiency modules that respectively sport average cell efficiencies of 18.7% and 20.4%.
- Trina is joining other solar stocks in selling off amid a fresh decline in oil prices.
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.
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. 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. 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.
- Related tickers: FSLR, SPWR, SUNE, SCTY, CSIQ, SOL, YGE, DQ, ENPH, TSL, JASO, RGSE, JKS, CSUN, VSLR, HSOL , STP, OTC:MIDIL
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