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Hanwha Q CELLS (HQCL)

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http://finance.yahoo.com/news/hanwha-solarone-enters-rmb-3-040000602.html Looking at contractual obligations for solar 11 after LDK lost $47M in arbitration ruling today it is clear that HSOL is one of the clean or free ones (together with SOL, JKS and DQ). Looking at the October exports data (that SPVI offers at a good price) HSOL looks even more interesting. We already know that they have one of the strongest ships in terms of balance sheet to ride out this storm, always had low opex and interest and are becoming one of the most cost competive on production cost. Banks are no longer allocating money arbitrarily to solar companies.. My money is still on SOL, but HSOL is now challenging JKS for second place in my ranking.

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Reuters reporting on it: http://www.reuters.com/article/2012/12/27/hanwhasolarone-creditline-idUSL4N0A12L220121227?feedType=RSS&feedName=financialsSector&rpc=43 <<"This acts as a temporary relief for these companies," said Thiemo Lang, a senior portfolio manager at Sustainable Asset Management in Zurich. "(The loans) enable them to sell their modules into the state-owned projects - in an environment where private project developers are becoming increasingly wary to purchase solar module from companies of rapidly deteriorating balance sheets," he said.>> Lang obviously did not read the exports data. HSOL is not one of those having to offset their production domestically.

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Very interesting. I wonder if it is like CSIQ, SOL and CSUN setting up module assembly elsewhere, but making cells in China. Having the module production qualified outside China seems to be a cheap way to add percieved value at low cost. I saw on some sites that Hanwha Solarone module were labelled as Korean, while CSIQ was labelled as Chinese. REC was labelled Norwegian instead of Singaporean.

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I always like when PPS and info flow on fundmentals trend in opposite direction. We make money on the market inefficiency.

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Guest Klothilde

I agree on the inefficiency. Nothing better than a good buying opportunity. However I meant our little bet that we have going on.

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Right, i plan to follow up on that. Clearly the delivery geography based model I tested was flawed looking at HSOL. For others (except csiq that i wrongly, it seems, assumed shipped ontario production to canada) it worked ok. That 60 cents ASP is lousy for someone that shipped more to Japan than to China. Haven't checked yet, but i was behind already and now I guess it is almost game over for me.. :)

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Guest Klothilde

However you saw SOL crawling up from the bottom of the pack which I didn't see happening yet...

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