Apr. 11, 2014, 3:20 PM
- Solar stocks are broadly lower following Yingli Green Energy's (YGE -5.1%) warning of greater than projected declines in PV module shipments in Q1.
- The first solar company to make a Q1 pre-announcement, YGE estimated Q1 shipments fell by the low 30s in percentage points from Q4, below prior company guidance of a mid-20s decrease, due to softness in China and project delays in Algeria.
- YGE reiterated its FY 2014 shipment guidance of 4.0-4.2 GW, and sees higher prices lifting Q1 margins more than expected.
- Although some of YGE's weaknesses may have been company-specific, the warning has cast a shadow over solar stocks today: SUNE -2.4%, FSLR -2.9%, TSL -2.6%, SCTY -1.7%, SPWR -5.2%, JKS -7.6%.
- ETFs: TAN, KWT
Apr. 1, 2014, 1:52 PM
- Hit hard on multiple trading days last week, high-beta Chinese Internet and solar stocks are flying higher amid a tech rally.
- Leading Chinese Internet gainers: GOMO +14.8% (tumbled last week post-earnings). BITA +10.2%. WUBA +8.9%. VIPS +6.4%. SFUN +6.4%. WBAI +6.3%. CCIH +5.9%. ATHM +5.8%.
- Notable Chinese solar gainers: CSUN +9.7%. JKS +8.9%. TSL +5.4%. YGE +4.1%. JA Solar is rallying with the help of a bullish Northland coverage launch.
- Recent IPOs King Digital (KING +4.5%) and Castlight Health (CSLT +16.1%) are among the winners. King remains 16% below its $22.50 IPO price. Castlight is 54% above its $16 IPO price, but well below a post-IPO high of $41.95.
Mar. 19, 2014, 9:36 AM
- Juniper (JNPR +1.4%) has been upgraded to Outperform by Wells Fargo. Piper cuts shares to Neutral last month following a big rally fueled by dividend/buyback/restructuring hopes.
- Yingli (YGE -0.2%) has been cut to Neutral by BofA/Merrill, and to Underperform by Credit Suisse, following yesterday's Q4 miss and full-year shipment forecast.
- Ruckus (RKUS +2.5%) and Meru (MERU +5.1%) have been started at Buy by Mizuho. Bernstein started Ruckus at Underperform last week.
- Orbitz (OWW -6.4%) has been cut to Sell by Goldman.
- MakeMyTrip (MMYT +3.8%) has been upgraded to Outperform by Oppenheimer.
Mar. 18, 2014, 12:46 PM
Mar. 18, 2014, 12:13 PM
- Though Yingli's (YGE -10.5%) module shipments rose 11.4% Q/Q in Q4 (in-line with a revised guidance range of 11%-12%), its gross margin fell to 12.2% from 13.7%. If not for a year-end tax adjustment, GM would've come in at 14.2%; the figure was at -8.5% a year ago.
- Yingli is guiding for 4GW-4.2GW of 2014 module shipments, up 29.4%-32.6% from a 2013 level of 3.23GW. The company's own solar system sales are expected to account for 400MW-600MW of those shipments.
- Yingli has a 1GW Chinese downstream solar project pipeline, and a 200MW overseas downstream pipeline. The company plans to respectively finish construction of 400MW-600MW and 30MW-50MW of those projects in 2014.
- Chinese shipments rose 60% Y/Y in Q4, and Japanese shipments 50%. Slumping Europe only made up 11% of shipments.
- Excluding a $79.3M non-cash inventory purchase provision related to polysilicon supply deals, opex fell 1% Q/Q and 36% Y/Y to $93.4M. Yingli ended 2013 with $462.2M in cash, and over $2.4B in debt.
- Q4 results, PR
Mar. 18, 2014, 9:13 AM
Mar. 18, 2014, 7:43 AM| 6 Comments
Mar. 18, 2014, 12:05 AM
Mar. 17, 2014, 5:30 PM
Mar. 17, 2014, 1:35 PM
- JA Solar's blowout Q4 numbers and strong guidance have fueled another solar stock rally. The Guggenheim Solar ETF (TAN +3.5%) is up sharply after witnessing a 10% drop from its March 7 peak.
- First Solar (FSLR +4.5%) is the group's biggest winner: The company announced today it has completed a 1.3MW plant in the Japanese city of Kitakyushu-shi. The company first disclosed the relatively modest project in November, ten days after announcing a reseller deal with oil giant JX Nippon to target the fast-growing Japanese solar market.
- Other gainers: YGE +3.6%. SOL +3.4%. CSIQ +3%. TSL +3%. HSOL +2.8%.
Mar. 17, 2014, 9:09 AM
Mar. 10, 2014, 3:57 PM
- Chinese Internet and solar names, many of them among the standouts of the 2013/2014 tech rally, are heading into the close with steep losses after the Chinese government reported exports fell 18.1% Y/Y in February (much worse than expected).
- Internet decliners: WUBA -10.7%. YOKU -7.3%. ATHM -7.2%. QUNR -6.4%. NQ -6%. RENN -5.2%. CTRP -5.2%. YY -4.4%. WBAI -4.4%. KONG -5.5%.
- Solar decliners: JKS -6.3%. YGE -5.8%. TSL -6.7%. CSUN -4.9%. CSIQ -4.5%. DQ -4.2%. HSOL -4.5%.
- Solar ETFs: KWT, TAN
Mar. 4, 2014, 11:06 AM
- Yingli (YGE +6.1%) expects to report 11%-12% Q/Q Q4 module shipment growth, above prior guidance for a mid-to-high single-digit percentage increase. Full-year guidance for module shipments of 3.2GW-3.3GW is being reiterated.
- At the same time, Yingli is now forecasting a Q4 gross margin of 12%-13%, below prior guidance of 14%-16% and a Q3 level of 13.7%. The company blames a "year-end tax adjustment" and the unloading of low-efficiency solar cell inventory.
- Shares are joining a broader solar stock rally. Full Q4 results arrive on March 18.
Feb. 18, 2014, 4:03 PM
- On a good day for many tech momentum plays, solar and Chinese Internet stocks led the way.
- Solar names could be benefiting from Chinese government remarks suggesting Beijing remains open to trade talks to end its ongoing solar import dispute with the U.S. The comments come after the ITC added Chinese solar panels made with Taiwanese cells to its list of Chinese panels covered by import duties.
- Also: SunEdison (SUNE +6.6%) has filed for an IPO for its solar project business, a move that could entice other companies with major solar project ops to do the same.
- Solar gainers: FSLR +6.9%. SCTY +8%. JASO +12.6%. DQ +9.2%. CSUN +8.1%. YGE +5.5%. JKS +5.3%.
- Chinese Web gainers: CTRP +11.5%. CCIH +16.8%. RENN +11%. YOKU +6.1%. QIHU +6.9%. WUBA +10.6%. WBAI +7.9%. GOMO +9.1%. SOHU +5.6%.
- Solar ETFs: KWT, TAN
Feb. 5, 2014, 8:29 AM
- Chinese solar firms are said to be weighing a response to U.S. anti-dumping and anti-subsidy investigations on imports of silicon solar PV products from China and Taiwan (TAN; KWT).
- The disputes with the U.S. come after China last year resolved similar disputes with the EU, which accused China of undercutting European competitors by selling solar panels at below-cost price.
- Chinese PV makers have issued strong protests, and a senior executive at Yingli Solar (YGE) reportedly says the first step is to reduce the scope of products being investigated.
- The U.S. has become the second-largest market for YGE, with U.S. shipments taking 27% of its total output, surpassing Europe; ~10% of Jinko Solar's (JKS) production now goes to North America, becoming one of its three top markets.
Jan. 23, 2014, 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.
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