Suntech Power Announces Default
Yesterday, Suntech announced that it has defaulted on its 3 percent convertible notes.
According to
Bloomberg (
citing Moody's), "No company has defaulted on publicly traded debt in China since the central bank began regulating the market in the late 1990s."
Suntech was the world's largest manufacturer of solar modules in 2011.
Labels: Default, solar panels, Solar Technology, STP, Suntech Power
Suntech Power Holdings (STP)
Suntech Power Holdings is having a wild ride in these last days.
Now up 28%, investors are still confused if Suntech will go into default, be saved by the China Government or neither of them.
Meanwhile the stock looks way too risky for any overnight trades.
The news reports have bondholders forcing the company into an involuntary bankruptcy tomorrow if the company doesn't pay back $541 million in bonds.
Two advisers of Chinese government agencies stated that the country would not do anything to save the once-largest solar panel manufacturer, Suntech Power Holdings from its creditors since the company requires economizing along with the rest of the industry.
Maybe next week we can get a hold of what the future holds for STP.
Labels: Solar Stocks, STP, Suntech Power
Suntech, Acquired, Now Officially a State-Owned Entity
After this news, Sun Tech Power (STP) is now trading 26% lower.
"
Any pretense of Suntech (NYSE: STP) being an independent entity is over.
China's Suntech, faced with a debt crisis and with the fate of thousands of employees' jobs hanging in the balance, "is poised to be taken over partly or entirely by the municipal government's holding company in its hometown, Wuxi, China," according to
reports in the
New York Times after a confirmation from a Wuxi official on Wednesday.
Suntech was the world's largest manufacturer of solar modules in 2011. But it now has cash issues and bond obligations of more than $500 million coming due. In July 2012, Suntech's business partner, Global Solar Fund (GSF), faked $680 million in collateral for a loan backed by Suntech."
Labels: Solar Stocks, STP, Suntech Power
More Sell Ratings for Suntech Power Holdings (STP)
Biggest down movement for today in Suntech Power Holdings Co., Ltd. -7.31%
In the news:
Hapoalim Securities is out with a research report this morning, where it reiterates its Sell rating Suntech Power Holdings (NYSE: STP); it has a $6.00 price target on the stock.
The HS analysts cited the company's better than expected Q3 revenues and gross margins (though worse than expected EPS), which was driven entirely by losses due to foreign exchange.
The analysts noted that, in an effort to address a higher production cost structure than peers arising from the need to outsource all of its wafer needs, STP announced the acquisition of 375 MW of wafer capacity from one of its equity holdings, Glory Silicon. STP is acquiring the 70% of the capacity it doesn't own for $127 million; this implies $0.48 per watt, ahead of the $0.35-0.40 capex per watt the analysts believe standard new wafer capacity can be built.
Read more
Labels: downgrade, Solar Stocks, STP, Suntech Power
Suntech to Announce Third Quarter 2010 Results
Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of solar panels, will announce its financial results for the third quarter ended September 30, 2010, before the U.S. market opens on Wednesday, November 17, 2010. Suntech management will host a conference call that day at 8:00a.m. U.S. Eastern Time (which corresponds to 9:00p.m.Beijing/Hong Kong time and 1:00p.m. Greenwich Mean Time on November 17, 2010) to discuss the company's results.
Labels: Earnings, Solar Stocks, STP, Suntech Power
Suntech Power Reports Earnings
Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest manufacturer of crystalline silicon solar panels, today announced financial results for its second fiscal quarter ended June 30, 2010.
Second Quarter 2010 Highlights
-- Total net revenues were $625.1 million in the second quarter of 2010,
representing 6.3% growth sequentially and 94.8% year-over-year
-- Total PV shipments increased 11.9% sequentially and 181.7% year-over-
year
-- Gross profit margin for the core wafer to module business was 20.4% in
the second quarter of 2010
-- Consolidated gross profit margin was 18.2% in the second quarter of
2010
-- GAAP net loss attributable to holders of ordinary shares was $174.9
million, or $0.97 per American Depositary Share (ADS). Each ADS
represents one ordinary share. The non-cash impairment charges and
provisions related to thin film and Shunda had a negative impact of
$1.00 per diluted ADS
-- Achieved 1.4GW of PV cell and module production capacity at the end of
the second quarter of 2010. Suntech announced new capacity expansion to
reach 1.8GW of PV cell and module production capacity by the end of
2010
-- Increased 2010 annual shipment target from 1.3GW to 1.5GW, which
represents over 113% year-over-year shipment growth
"The second quarter was another period of robust multi-market demand," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Strong operational execution ensured that we achieved our 1.4GW capacity target, which drove higher than expected shipment and net revenue growth."
"We delivered greater shipments to valued customers across Germany and other European markets including Italy, France, Benelux and the Czech Republic. Our investments into our North American expansion continued to bear fruit as we broadened market share and prepared for US-based manufacturing that will commence in the fourth quarter. We also secured supply agreements to several large, high profile projects in emerging markets including Thailand, India and Israel where our globally respected brand, reliable product performance and deep sales channels have provided a solid foundation to form new partnerships."
Source: prnewswire.com
Labels: Earnings, Solar Stocks, STP, Suntech Power
Suntech Power News
Shares of Suntech Power Holdings Company Ltd. (NYSE:STP) are trading higher by +3.60% ahead of its quarterly earnings release. Suntech Power, the Chinese photovoltaic products maker is expected to release its quarterly results on August 18th.
Wall Street Analysts consensus calls for a profit of $0.09 a share on $600.81 million revenue.
Suntech Power estimates have a range of $0.28 a share. The high estimate calls for profit of $0.27 a share and the low estimate is calling for a loss of $-0.01 a share, a year ago for the quarter the company reported $0.06 a share.
Suntech Power Holdings Company Ltd. (NYSE:STP) produces photovoltaic products. The Company designs, develops, manufactures and markets a variety of solar cells and modules. Suntech Power is based in China.
Labels: Earnings, Solar Stocks, STP, Suntech Power
Solar Earnings
Earning dates for this month:
Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) Aug 18, 2010
Q2 2010 Earnings Release - 9:30AM EDT
Trina Solar Limited (ADR) (NYSE:TSL)Aug 24, 2010
Q2 2010 Earnings Conference Call - 8:00AM EDT
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) Aug 19, 2010
Q2 2010 Yingli Green Energy Holding Company Limited Earnings Release - 9:30AM EDT
Labels: Earnings, Solar Stocks, STP, Suntech Power, Trina Solar, TSL, YGE, Yingli Green Energy Hold
Claymore/MAC Global Solar Index (ETF) (NYSE:TAN)
The Solar Stock ETF TAN continues upwards, alongside other titles like STP, FSLR and TSL. All still looking bullish on the short-term.
Labels: FSLR, solar ETF, Solar Stocks, STP, Suntech Power, Trina Solar, TSL
Goldman Sachs Says Go Long Solar Stocks
For all the perceived evil, you have to give them credit....
Goldman Sachs knows how to make money — lots of it.
In fact, they are so good at making money — for themselves and their clients — that for years they've been referred to in financial circles as 'Golden Slacks'.
It's rumored that they won't talk to you unless you've got $5 million to invest. And they only lend their name to the most exclusive high-end deals and initial public offerings. (They underwrote yesterday's Tesla IPO.)
Point is, Goldman is the best of breed of Wall Street banks. When they speak... the world listens.
And this week, they came out bullish on the solar sector.
Goldman's solar calls
Attached to the Goldman client note was a list of solar stocks and their analysts' opinion of each.
Here are the stocks they initiated coverage on, along with ratings and price targets:
First Solar (NASDAQ: FSLR): Buy rating and $150 price target
SunPower (NASDAQ: SPWRA): Neutral rating, $15 price target.
MEMC (NYSE: WFR): Sell rating, $9 price target.
JA Solar (NASDAQ: JASO): Buy rating, added to Conviction List. $7.50 target price.
Suntech (NYSE: STP): Sell. Target price: $8.40.
SourceLabels: Bullish, First Solar Inc, FSLR, Goldman Sachs, JASO, Solar Stocks, SPWRA, STP, Suntech Power
Top 10 Best-Rated Solar Stocks
Below are the top 10 best-rated Solar stocks, based on the number of positive ratings by brokerage analysts. Six Chinese companies (TSL, STP, YGE, JASO, SOLF, SOL) are on the list.
First Solar, Inc. (NASDAQ:FSLR) is the 1st best-rated stock in this segment of the market. It is rated positively by 24 brokerage analysts. It is covered by 41 brokerage analysts. Trina Solar Limited (ADR) (NYSE:TSL) is the 2nd best-rated stock in this segment of the market. It is rated positively by 17 brokerage analysts. It is covered by 20 brokerage analysts. Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) is the 3rd best-rated stock in this segment of the market. It is rated positively by 12 brokerage analysts. It is covered by 37 brokerage analysts. Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) is the 4th best-rated stock in this segment of the market. It is rated positively by 11 brokerage analysts. It is covered by 20 brokerage analysts. SunPower Corporation (NASDAQ:SPWRA) is the 5th best-rated stock in this segment of the market. It is rated positively by 11 brokerage analysts. It is covered by 36 brokerage analysts.
MEMC Electronic Materials, Inc. (NYSE:WFR) is the 6th best-rated stock in this segment of the market. It is rated positively by 10 brokerage analysts. It is covered by 23 brokerage analysts. GT Solar International, Inc. (NASDAQ:SOLR) is the 7th best-rated stock in this segment of the market. It is rated positively by 8 brokerage analysts. It is covered by 10 brokerage analysts. JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO) is the 8th best-rated stock in this segment of the market. It is rated positively by 8 brokerage analysts. It is covered by 17 brokerage analysts. Solarfun Power Holdings Co., Ltd. (ADR) (NASDAQ:SOLF) is the 9th best-rated stock in this segment of the market. It is rated positively by 6 brokerage analysts. It is covered by 12 brokerage analysts. ReneSola Ltd. (ADR) (NYSE:SOL) is the 10th best-rated stock in this segment of the market. It is rated positively by 5 brokerage analysts. It is covered by 7 brokerage analysts.
Source: China Analyst cnanalyst.com
Labels: First Solar Inc, FSLR, Solar Ratings, Solar Stocks, Solar Technology, STP, Suntech Power, Trina Solar, TSL
Solar Stocks Gapping Up
The market should open today with a decent Gap Up.
Let's see how far the Bulls will go. Many solar stocks are gapping more than 3%.
STP 3.2%
TSL 4.6%
CSIQ 2.3%
SolarFun (SOLF) reported earnings and is gaining 11% on the Pre-Market.
FIRST QUARTER 2010 HIGHLIGHTS
Total net revenues were RMB 1,475.8 million (US$216.2 million) in 1Q10, an increase of 17.8% from 4Q09 and an increase of 115.7% from 1Q09.
PV module shipments, including module processing services, reached 150.6 MW, an increase from 110.8 MW in 4Q09 and from 35.7 MW in 1Q09.
Average selling price, excluding module processing services, declined, as expected, to US$1.76 per watt in 1Q10.
Gross profit was RMB 272.5 million (US$39.9 million) and gross margin was 18.5%.
The main Solar Stock ETF looks like this, but expect a good bullish move for today:
Labels: solar ETF, Solar Stocks, Solarfun, SOLF, STP, Suntech Power, TSL
Suntech Announces Preliminary Results
Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's largest crystalline silicon photovoltaic (PV) module manufacturers, today announced preliminary financial results for the first quarter of 2010.
Suntech expects total net revenues for the first quarter of 2010 to be in the range of $580 million to $590 million. Gross margin is expected to be in the range of 19% to 20%, compared to previous guidance of 18% to 20%.
As a result of the depreciation of the Euro versus the USD, Suntech expects to incur a foreign exchange loss of approximately $24 million to $25 million for the first quarter of 2010. This is expected to be partially off-set by a net gain of approximately $2 million to $3 million from hedging activities.
Dr. Zhengrong Shi, Suntech's Chairman and CEO said, "We are pleased to see extremely strong demand in the first quarter of 2010. With robust demand in incumbent solar markets and rapid growth in a host of emerging markets, we expect this environment to continue deep into 2010."
Source:prnewswire.com
Most Solar Stocks are moving up between 5% and 10% in the Pre-Market. With the massive rally in the European Markets, this should be an interesting day.
Labels: Earnings, Solar Stocks, STP, Suntech Power
Suntech,Trina Solar sign $11.7 bln loan deals
China's top solar power equipment makers Suntech Power Holdings (STP.N) and Trina Solar (TSL.N) have signed framework agreements with China Development Bank (CDB) [CHDB.UL], giving them access to a combined 80 billion yuan ($11.72 billion) in loans, company officials said.
Suntech, China's largest solar cell and panel maker, signed an agreement with CDB for up to 50 billion yuan ($7.33 billion) worth of loans over five years, Rory Macpherson, Suntech's director for investor relations, told Reuters on Wednesday.
"It's a non-binding agreement," he said. "It's not related to specific projects ... it could be used for capacity expansion. It essentially shows the strong partnership between Suntech and China Development Bank," he said, adding that the agreement was signed in the past two weeks.
Trina Solar forged a 30 billion yuan ($4.40 billion) loan agreement with CDB that will last through 2015, Chief Financial Officer Terry Wang said.
SourceTrina Solar Chart:
Labels: solar charts, Solar Stocks, STP, Suntech Power, Trina Solar, TSL
Chinese solar stocks shine
Seven out of the eight U.S. listed Chinese stocks made it to the overbought screen Thursday morning. Gains for the sector look limited from here as LDK Solar (NYSE:LDK), ReneSola Ltd. (NYSE:SOL) and Solarfun Power (NASDAQ:SOLF) have approached theoretical highs. Suntech Power (NYSE:STP), Trina Solar (NYSE:TSL) look better from a technical point of view but again, advance of Canadian Solar (NASDAQ:CSIQ) and China Sunergy (NASDAQ:CSUN) look excessive compared to the rest of the sector.
...
Back to solar stocks: high oil price helps alternative energy plays such as solar, wind and hydro power. Solar stocks look good based on fundamentals as well after hitting a bottom in the middle of 2009. Shipments have dramatically increased while margins have stabilized. JA Solar (NASDAQ:JASO) has just raised 2010 Q1 shipment guidance. Four solar stocks out of the total eight reported revenue and earnings growth for the last quarterer of 2009.
Continue
readingLabels: China, China Sunenergy, CSUN, LDK, ReneSola, SOL, Solar Stocks, STP, Suntech Power
Suntech Power is up!
After a week of going nowhere,
Suntech Power Holdings Co., Ltd. (STP) is up 4%.
Global Markets seem to continue the Bullish run, so this should be a good moment for Solar Stocks on the short-term.
Suntech Power Holdings Co., Ltd. (STP) Chart
Labels: Bullish, solar charts, Solar Stocks, STP, Suntech Power
Zacks Analyst Blog Highlights
First Solar Inc., Southern Company, Suntech Power Holdings Company Ltd., SunPower Corporation and ReneSola LtdFirst Solar Sells Project
First Solar Inc. (FSLR - Analyst Report) has sold a 30 megawatt (AC) photovoltaic solar power project to Southern Company (SO - Analyst Report) and Turner Renewable Energy.
The Cimarron I photovoltaic solar power project is adjacent to the Vermejo Park Ranch in northern New Mexico . First Solar is developing the project and is providing engineering, procurement and construction (EPC) services.
First Solar will also provide operation and maintenance services under a 25-year contract. The facility will supply power to approximately 9,000 homes, or 18,000 residents, and displace over 45,000 tons of carbon dioxide per year.
Construction of the solar array will begin in March, with completion and commercial operation expected by year-end 2010. It will consist of approximately 0.5 million photovoltaic modules constructed with First Solar's patented thin film semiconductor technology.
Turner Renewable Energy is wholly owned by the media magnate Ted Turner.
...
First Solar enjoys a distinct cost advantage over its peers due to its reliance on low cost thin-film cells. However, the advantage is ebbing fast due to falling polysilicon prices. First Solar’s growth potential and that of the solar industry in the aggregate requires a prudent long-term focus on technological enhancements, capacity build-out and cost minimization. Balancing all three aspects would be an uphill task.
Competition in the industry is becoming tougher by the day for U.S. solar players such as First Solar, who has a huge German exposure in its top line compared to its counterparts such as Suntech Power Holdings Company Ltd. (STP - Analyst Report), SunPower Corporation (SPWRA - Snapshot Report) and ReneSola Ltd. (SOL - Analyst Report), whose markets are more diversified.
SourceLabels: First Solar Inc, FSLR, ReneSola, SOL, Solar Stocks, SPWRA, STP, SunPower Corp, Suntech Power
Top 10 Solar Stocks with Highest Short Interest
Below are the top 10 Solar stocks with the highest short interest as a percentage of total shares outstanding. Four Chinese companies (LDK, STP, YGE, TSL) are on the list.
Energy Conversion Devices, Inc. (NASDAQ:ENER) has the 1st highest short interest in this segment of the market. Its short interest is 33.4% of its total shares outstanding. Its Days to Cover is 5.51, calculated as current short interest divided by average daily volume.
First Solar, Inc. (NASDAQ:FSLR) has the 2nd highest short interest in this segment of the market. Its short interest is 18.9% of its total shares outstanding. Its Days to Cover is 7.61, calculated as current short interest divided by average daily volume.
LDK Solar Co., Ltd. (NYSE:LDK) has the 3rd highest short interest in this segment of the market. Its short interest is 18.7% of its total shares outstanding. Its Days to Cover is 7.66, calculated as current short interest divided by average daily volume.
SunPower Corporation (NASDAQ:SPWRA) has the 4th highest short interest in this segment of the market. Its short interest is 15.9% of its total shares outstanding. Its Days to Cover is 7.13, calculated as current short interest divided by average daily volume.
Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) has the 5th highest short interest in this segment of the market. Its short interest is 12.4% of its total shares outstanding. Its Days to Cover is 6.74, calculated as current short interest divided by average daily volume.
Evergreen Solar, Inc. (NASDAQ:ESLR) has the 6th highest short interest in this segment of the market. Its short interest is 11.1% of its total shares outstanding. Its Days to Cover is 5.31, calculated as current short interest divided by average daily volume.
Continue
readingLabels: ENER, ESLR, First Solar Inc, FSLR, LDK, Solar Stocks, SPWRA, STP, SunPower Corp, Suntech Power
Earnings Release Dates
Expected next earnings release:
First Solar, Inc. (FSLR)
2/24/2010 - After Market
Q4 2009
Canadian Solar Inc. (CSIQ)
Mar 3, 2010
Q4 2009 Earnings Conference Call - 8:00AM E
Suntech Power Holdings Co., Ltd. (STP)
Mar 4, 2010
Q4 2009 Suntech Power Holdings Earnings Conference Call - 8:00AM EST
Labels: Canadian Solar Inc., CSIQ, Earnings, First Solar Inc, FSLR, Solar Stocks, STP, Suntech Power
Suntech Power Holdings Co., Ltd. (STP) Overweight Rating
Analyst Vishal Shah at Barclays Capital (ADR) (NYSE: BCS) has maintained a 1-Overweight rating for Suntech Power Holdings Co., Ltd. (ADR) (NYSE: STP).
Barclays estimates a margin of 18.7% at Suntech for the fourth-quarter of 2009, and 19.3% for the fourth-quarter of 2010. Barclays expects the company’s poly procurement costs to decrease from 80/kg in 2009 to 50/kg in 2010.
The recent checks conducted by Barclays Capital suggests positive customer feedback on the company’s Pluto technology. The technology has potential to drive up margins by 10%, according to Barclays.
Barclays Capital has set a price target of $20 for Suntech Power Holdings Co., Ltd.
sourceLabels: solar analysis, Solar Stocks, STP, Suntech Power
