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36 minutes ago, MVA said:

There is no dispute, what are you talking about?¬†They said it is exclusively Administrative delay. Minute 29:33. They said loud and clear - there is no dispute with the buyer... ūüôā

Yes I re-listened, they do state there is no dispute. Thanks for the clarifications. They did mention they believe the pricing is where they think it will be. To me that means the i's are not all dotted and the T's are not all crossed on the sale price and other items involved in the "Administration" process that is taking longer than thought. To me that suggests  there are some disputes or "discussions" ongoing regarding the hardened terms of sale.

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13 hours ago, SCSolar said:

That was not a good clean call. Several red flags along the project biz...

Just went over the transcript and listened to parts of the con call.  My overall take is that fundamentals are deteriorating faster than I expected.  I sensed that they are trying to mask their challenges with increased BS-talk.

Here are some red flags I picked up.  Please challenge me on this you guys!

- Lower module ASP in Q4 contributing to lower overall GM.  I originally thought that they would be able to increase module margin in Q4 due to a combination of cheaper upstream component purchases and stable module contract prices but it looks like module prices are coming down fast as well.  Bodes bad for Q1 module ASP and margin.

- Guiding lower module gross margin for next year (that they plan to compensate with higher shipments).  However higher shipments increase OPEX as well...

- No capacity expansion planned for next year in wafers and cells.  Suggesting higher 3rd party cells purchases.  Signals to me they are concerned about oversupply next year and/or that they don't see value in expanding in-house cell tech and/or that they are shifting to cash conservation mode (!)

- Disappointing ASP and GM of pre-NTP project sales this quarter.  They sold 266MWp in the U.S. and 80% of 171.5MWp in Brazil, both pre-NTP, for $84M, i.e. $0.21/W and at 21%GM.  At that rate their pipeline of 3.4GW will translate to only $150M in GP.  MEH!

- Only 307MWp of projects listed with 2020 COD.  Looks like it will be challenging to achieve significant project revenue in 2020.

- Massive issues monetizing CN plants in operation.  New resale value can be in the vecinity of $0.5/W if you factor out plants from other regions with higher ASPs from their operating portfolio.  I wonder if this will lead to an impairment / write-down at one point...

 

 

 

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I'm not as in the weeds as you all are, but from my perspective I neither saw nor heard anything I liked.  I just hope I can exit this botched earnings trade without major damage.  

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32 minutes ago, Klothilde said:

Just went over the transcript and listened to parts of the con call.  My overall take is that fundamentals are deteriorating faster than I expected.  I sensed that they are trying to mask their challenges with increased BS-talk.

Here are some red flags I picked up.  Please challenge me on this you guys!

- Lower module ASP in Q4 contributing to lower overall GM.  I originally thought that they would be able to increase module margin in Q4 due to a combination of cheaper upstream component purchases and stable module contract prices but it looks like module prices are coming down fast as well.  Bodes bad for Q1 module ASP and margin.

- Guiding lower module gross margin for next year (that they plan to compensate with higher shipments).  However higher shipments increase OPEX as well...

- No capacity expansion planned for next year in wafers and cells.  Suggesting higher 3rd party cells purchases.  Signals to me they are concerned about oversupply next year and/or that they don't see value in expanding in-house cell tech and/or that they are shifting to cash conservation mode (!)

- Disappointing ASP and GM of pre-NTP project sales this quarters.  They sold 266MWp in the U.S. and 80% of 171.5MWp in Brazil, both pre-NTP, for $84M, i.e. $0.21/W and at 21%GM.  At that rate their pipeline of 3.4GW will translate to only $150M in GP.  MEH!

- Only 307MWp of projects listed with 2020 COD.  Looks like it will be challenging to achieve significant project revenue in 2020.

- Massive issues monetizing CN plants in operation.  New resale value can be in the vecinity of $0.5/W if you factor out plants from other regions with higher ASPs from their operating portfolio.  I wonder if this will lead to an impairment / write-down at one point...

 

Module pricing - yes it looks like lower ASP's and cost cutting will not offset as much. They hope to minimize by selling more premium products in premium markets.

 

No Capacity expansion planned as of yet. - This makes sense, they have ramped a poly product. They have 4GW of module capacity over their cell capacity. This can be used to buy cells. There are some very large mono cell manufactures that with expansions is going to create a big oversupply. Costs for mono cells should be quite favorable. The upside is current capacity for modules could be an increase of 4.6GW over current 2019 shipments. That is in excess of 50% potential

 

Pre-NTP sales - they are not heavy on revenue. They never have been. What they do drive is contracts for EPC services as well as module sales. Since projects are being built under $1/watt in most countries, getting $0.21 per watt plus module sales and EPC services will garner most of that cost to manufacture. The low cost to manufacture for projects being $0.80 in many regions was already known to drag down the revenues for that segment. This is not a sudden change.

 

Only 307MW COD - Those are projects they own and will resell. These are not the NTP sales that they are doing contract services and selling parts into. 

 

Issues monetizing Chinese plants and potential writedowns- Yep you called it before. The China projects are an exposure. If you listen to the call, they indicated they wrote off a final payment not received and they wrote down some of the expected resale value. of what they hold. The expected resale value  of projects dropped $100M. Since they have yet to write down the cost of the asset off their books and take an impairment charge, the adjustment in monies for resale must be to the cost to build for now. They will likely wait for final sale price to determine the adjustments if any. One might think this could be $0.10-$0.20/watt in the future. They will not write down the entire project.

 

https://seekingalpha.com/article/4306016-canadian-solars-csiq-ceo-shawn-qu-q3-2019-results-earnings-call-transcript?part=single

Huifeng Chang

"And so according to the U.S. GAAP and our finance department work together with the Deloitte and the NEDA evaluation of the situation now in certain projects and one of the projects that we have a write-off on the balance payment. So, this is one of the reasons and also, we have a project that also, the valuation come down a little bit. So, this is the reason for the devaluation of project pipeline"

 

My red flag is that it would appear that a HUGE amount of projects is pushed out of 2019 and into 2020. You should look at original midrange guidance of shipments and revenues of 7600MW shipped and $3.65B revenues to the revised guidance of 8450MW shipped and $3.145B. The increase of 850MW of modules and the loss of $505M of revenue is significant. When you take an average ASP of  say $0.26 on the 850MW, you should have had a bump of $221M. That means guidance has dropped some $750M.

Either it is all in projects  at lower sales prices and/or pushed out, or it is in module ASP drop or a combination of both.  The first being projects pushed out is not that bad as they are profitable at current guidance.  It would suggest that there is a stronger upside in 2020.  Q1 a generally weak quarter will be strong as they expect those pushed out to be sold in Q1 2020. The potential of lower ASP for the projects is not to much of an issue except in China. The real fodder is how can they be off some 50% or more  in project sales for the  year. They guided what should have been around $1.35B in module sales. Missing $500-$750M of that  is horrible.  Those sales people should be fired.

 

 The second  potential of an ASP drop is more concerning.  A 3 cent drop on 4500MW of shipments in the second half is a drop of $135M. If guidance for the full year was $0.28/watt, then this is likely a sub $0.25 ASP in the second half. That would be more in line with the current market and in line with their indicated cost structures of ~$0.20.  This would suggest that while they have never expressed or suggested the ASP is lower than they were looking at as it is always a "stable" price form Q to Q, the ASP would like to be much worse than they were initially expecting.  The good news, if that is the case, then there is minimal  further downside risk exposure for 2020.

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1 hour ago, Mark said:

I'm not as in the weeds as you all are, but from my perspective I neither saw nor heard anything I liked.  I just hope I can exit this botched earnings trade without major damage.  

ditto, I thought about selling out yesterday but did not pull the trigger. The bright side is the premarket price quotes are significantly higher than they were post con call. That is moving back in the right direction and only slightly down from my buy from 2 days ago.

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17 minutes ago, SCSolar said:

ditto, I thought about selling out yesterday but did not pull the trigger. The bright side is the premarket price quotes are significantly higher than they were past con call. That is moving back in the right direction and only slightly down from my buy from 2 days ago.

I'm just hoping for one of those SPWR type big bursts on the open that they then spend all day selling off.  Notice that analysts are tripping over one another to comment on RUN earnings this morning, but nobody's talking CSIQ.  I'd prefer they keep their mouths shut until tomorrow.

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A pretty good evidence how investing in solar has zero logical predictability. FSLR earning cents with PE of 60s and Canadian with market cap lesser than bankrupt Sunpower. 

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6 hours ago, SCSolar said:

No Capacity expansion planned as of yet. - This makes sense, they have ramped a poly product. They have 4GW of module capacity over their cell capacity. This can be used to buy cells. There are some very large mono cell manufactures that with expansions is going to create a big oversupply. Costs for mono cells should be quite favorable. The upside is current capacity for modules could be an increase of 4.6GW over current 2019 shipments. That is in excess of 50% potential

The thing is that if you compete in a growing market and if you have a superior technology that provides you with superior margins then you expand the capacity of this technology.  By freezing the capacity of their core technology (black silicon multi cells) and switching to 3rd party cells they show us that their core technology doesn't provide any advantage any longer vs. other products.  This however comes as no surprise since with the latest price drop of mono-PERC cells to near cash cost level their black-silicon multi cells have lost their competitiveness.  This also means margins are set to take a blow in 2020.  They already talked of decreasing margins next year but I suspect it will be juicy.

6 hours ago, SCSolar said:

Pre-NTP sales - they are not heavy on revenue. They never have been. What they do drive is contracts for EPC services as well as module sales. Since projects are being built under $1/watt in most countries, getting $0.21 per watt plus module sales and EPC services will garner most of that cost to manufacture. The low cost to manufacture for projects being $0.80 in many regions was already known to drag down the revenues for that segment. This is not a sudden change.

Only 307MW COD - Those are projects they own and will resell. These are not the NTP sales that they are doing contract services and selling parts into. 

What struck me is the low margin of these sales compared to pre-NTP sales in the past.  I remember they had several to the tune of 40-50% GM.  One logical explanation would be that with the increased competition in today's bidding projects there is also less leeway for the prices of project rights.

You are right that they are tying these pre-NTP sales to module supply or EPC contracts in the future during project execution, so the overall profitability needs to be assessed as a whole.

Nevertheless the low pre-NTP ASP coupled with the low 2020 COD volume of their pipeline brings up another question:  Whether the project business can make a strong enough GP contribution in 2020 to offset a possibly weaker module business.

Let's say they ship 10GW of modules at $0.24 and 15%GM.  Brings them up to $360M in GP vs. OPEX&INT that may be running around $600M.  Can systems provide $240M+ in GP given the constraints mentioned above?  What do you think?

 

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54 minutes ago, Klothilde said:

The thing is that if you compete in a growing market and if you have a superior technology that provides you with superior margins then you expand the capacity of this technology.  By freezing the capacity of their core technology (black silicon multi cells) and switching to 3rd party cells they show us that their core technology doesn't provide any advantage any longer vs. other products. 

Let's say they ship 10GW of modules at $0.24 and 15%GM.  Brings them up to $360M in GP vs. OPEX&INT that may be running around $600M.  Can systems provide $240M+ in GP given the constraints mentioned above?  What do you think?

 

It was speculated that their bet on Poly was short sighted with the shift to mono. The fact they are not expanding the wafering capacity is positive. Their Cell lines should  function for mono  so rolling over to Mono is not a problem. They are targeting 13GW of modules capacity. This suggests they are looking at well over 10GW of shipments.

As for revenues, yes I still see a path tor $2 or more  in EPS if not $3 depending on volumes.  I presume margins higher than the 15% you use but below the current 20% guidance.  I expect  projects pushing $1B. I expect an increasing EPC services to  above 2019 levels  when combined with kits power etc. All this can drive  upwards of $750M.

 

I expect demand next year to be stronger than some anticipated.  I can see growth similar to what DQ presented next year being 140GW or more. That would be ROW growth at 20% and China at 35GW or more as what missed this year  is pushed into 2020. This bodes well for volume increases as that would be an overall 31% increase YOY.  With Tier 1 getting the lions share, you could see higher growth for Tier 1's than the market growth.

 

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22 minutes ago, SCSolar said:

It was speculated that their bet on Poly was short sighted with the shift to mono. The fact they are not expanding the wafering capacity is positive. Their Cell lines should  function for mono  so rolling over to Mono is not a problem. They are targeting 13GW of modules capacity. This suggests they are looking at well over 10GW of shipments.

As for revenues, yes I still see a path tor $2 or more  in EPS if not $3 depending on volumes.  I presume margins higher than the 15% you use but below the current 20% guidance.  I expect  projects pushing $1B. I expect an increasing EPC services to  above 2019 levels  when combined with kits power etc. All this can drive  upwards of $750M.

 

I expect demand next year to be stronger than some anticipated.  I can see growth similar to what DQ presented next year being 140GW or more. That would be ROW growth at 20% and China at 35GW or more as what missed this year  is pushed into 2020. This bodes well for volume increases as that would be an overall 31% increase YOY.  With Tier 1 getting the lions share, you could see higher growth for Tier 1's than the market growth.

 

Add to your calcul AD/CVD true-up benefit of approx $20 mil / quarter...

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11 hours ago, SCSolar said:

...I presume margins higher than the 15% you use but below the current 20% guidance...

I don't know where those margins should come from.  In fact when I threw in the 15% I was being generous, we may very well dip below that in 2020.

Using the PVInsights numbers from the current week, if I...

1) buy mono-PERC cells in China for 11.5 cts/W
2) convert them to mono-PERC cells in China for 9 cts/W
3) sell the modules for 23.3 cts/W in Europe

...I end up with a GP of 2.8/W and a GM of 12.0%

If I make the modules in-house in China starting with sourced mono-wafers at 7.0 cts/W ($0.371*60/320W) I will end up with an even higher cpw and lower GM since my in-house cell processing costs cannot compete with 3rd party cells that are selling close to cash cost. 

If you go back a couple of quarters then, yes, you could come up with GMs of 20-25% doing the calcs above.  However economics have changed massively over the last 6 months and nearly all margin has been squeezed out of both the mono and multi value chain since then.  There is still some margin left in the mono wafer step, but that one is not for CSIQ to capture.  And when mono wafers fall in price due to the foreseeable capacity expansion chances are the savings will be passed on to the module buyers because we got an epic glut both at the cell and module step.

Think about it:  During this con call they purposely warned investors about falling margins in 2020.  If the margin decline they expect for next year was only mild then they would not talk about it.  After all these guys are experts at sugarcoating!  By mentioning it now they want to get investors accustomed to a new story (lower margin, higher shipments) and prevent greater damage further on when the chit hits the fan. Jmho.

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3 hours ago, Klothilde said:

Using the PVInsights numbers from the current week, if I...

1) buy mono-PERC cells in China for 11.5 cts/W
2) convert them to mono-PERC cells in China for 9 cts/W
3) sell the modules for 23.3 cts/W in Europe

...I end up with a GP of 2.8/W and a GM of 12.0%

If I make the modules in-house in China starting with sourced mono-wafers at 7.0 cts/W ($0.371*60/320W) I will end up with an even higher cpw and lower GM since my in-house cell processing costs cannot compete with 3rd party cells that are selling close to cash cost. 

That is what you are good at projecting todays costs as the future cost. You want to ignore what they stated regarding cost reductions. You ignore that based on todays numbers you have 12.5% margins yet they reported modules margins closer to 23% than 12%.

 

 

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24 minutes ago, Klothilde said:

Travis recommending Canadian:
https://www.fool.com/investing/2019/11/13/why-canadian-solars-shares-plunged-156-today.aspx

Looks like everyone except me is positive about this company.  Am I blind or what?

I hear constantly these "concerns'' from different "experts" for the last 5 years. And every time it all the same - BAD. It is already ridiculous. In the meantime company delivers good results and adjusts perfectly to all UPs and Downs of their industry's cycles, increasing its value (book value in 2014 - $11.78 and today it is $22.44/share) and maintaining profitability. Period. 

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4 hours ago, Klothilde said:

I don't know where those margins should come from.  In fact when I threw in the 15% I was being generous, we may very well dip below that in 2020.

 

reference the transcript on Seekin Alpha 

https://seekingalpha.com/article/4306016-canadian-solars-csiq-ceo-shawn-qu-q3-2019-results-earnings-call-transcript?part=single

 

This is what they said about margins for 2020

 

Yan Zhuang 

‚ÄėBut our shipment volume will go up, which will compensate for the slight percentage down on the margin side,‚ÄĚ

 

Currently dropping from around 22-23% to your 15% is not a slight drop. That is a 30% drop.

 

So where are margins? And what might be a slight drop?

 

Here are comments that can give you suggested target costs. Your using current costs for next year is not reasonable because that suggests a 12.5% margin today and they are nearly double that.

 

‚ÄúGross margin is expected to be between 19% and 21%. The lower margin reflects the expected lower margin contribution from project sales in Q4.‚ÄĚ

 

‚Äú¬†primarily driven by the slippery of the project sale closing. And a smaller part is on the module side, because of the price dropping.‚ÄĚ

 

‚ÄúThere‚Äôs also a project that‚Äôs low margin that‚Äôs going to close in next quarter, it‚Äôs called McBride project. That‚Äôs a $130 million with a low margin sale.‚ÄĚ

 

These comments indicates that module margins are higher than 21%. It suggests  margins are in the  22-24% range for module as the low margin project is being blamed for most of the margin drop from Q3.

 

Currently in Q3 margins was 23% + CVD reversals. In Q4 backing out the $130M McBride project at say 5% margins, they are looking at what appears to be 22.7% margins for modules.

 

A Q3 suggested  ASP in the $0.25 range would yield an  average cost of $0.1925/W at 23% margins. That is inline with their comments a couple quarters back that their costs were slightly under $0.20.

 

If you look at a 10% ‚Äúorganic‚ÄĚ reduction for 2020 on the $0.1925, ¬†they are at $0.173. The 20% reduction puts costs around $0.155.

 

If you take the 10% cost reduction and target an ASP of say $0.21, you have 17.5% margins or midrange between your guidance and Q4 margins.

 

Depending on ASP and actual costs you can see a bias to the upside for margins as more likely than a bias to the downside that you are suggesting

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Analysts new EPS estimations for Canadian solar:

Q4/2019 - $1.02/share

Annual 2019 - $2.77/share

Q1/2020 - $0.65/share

Annual 2020 - $3.23/share

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Canadian Solar today announced that it has sold 49% interest in three solar photovoltaic projects in Mexico totaling 370 MWp (294 MWac) to Korea Electric Power Corporation ("KEPCO")

http://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-partners-korea-electric-power-corporation-and

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21 hours ago, Mark said:

Dumped it all.  Losses weren't as bad as feared, but I have no desire to hold this.

I decided to average down yesterday instead of selling out. I will have some patience and do 1 more lower buy if required.

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1 hour ago, SCSolar said:

That is what you are good at projecting todays costs as the future cost. You want to ignore what they stated regarding cost reductions. You ignore that based on todays numbers you have 12.5% margins yet they reported modules margins closer to 23% than 12%.

Cost reductions don't matter unless your ASPs are tied up in the long run.  Since we're in the midst of an epic glut any cost savings are passed on to the final customer (module buyer) almost instantly and don't go into margin increases.

They had great margins because over the last quarters upstream components collapsed in price while their module ASP didn't fall so fast because they were partly insulated through legacy contract prices (3-6 months old prices).  Now with components nearing a price bottom and module ASPs aligning with the spot prices over the next quarters margins are set to shrink.  They've guided shrinking margins in Q4 and then shrinking again in 2020 so that's becoming a fact.  Question is where we will land.

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1 hour ago, SCSolar said:

...If you take the 10% cost reduction and target an ASP of say $0.21, you have 17.5% margins or midrange between your guidance and Q4 margins.  

12GW at $0.21 and 17.5% GM will give you $441 in GP.  In order to pay for say $600M in OPEX&INT and deliver $3 in EPS you'd need to come up with $390M of additional GP from systems.  Looks challenging to me.  Please show me the illuminated path to $3.

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12 minutes ago, Klothilde said:

12GW at $0.21 and 17.5% GM will give you $441 in GP.  In order to pay for say $600M in OPEX&INT and deliver $3 in EPS you'd need to come up with $390M of additional GP from systems.  Looks challenging to me.  Please show me the illuminated path to $3.

$400 mln is only Japanese carryover projects (not one, but multiple as per CFO) from 2019 to Q1/2020... $400 mil = The difference between 2019 revenue estimation of 3.5 bln and new guidance of 3.15 bln... As per Conference call: "the difference is function exclusively of Jap projects administrative delay."

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2 minutes ago, MVA said:

$400 mln is only Japanese carryover projects (not one, but multiple as per CFO) from 2019 to Q1/2020... $400 mil = The difference between 2019 revenue estimation of 3.5 bln and new guidance of 3.15 bln... As per Conference call: "the difference is function exclusively of Jap projects administrative delay."

Yes but I'm saying you need $390M in additional gross profit (not revenue) to hit $3 in EPS.

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1 minute ago, Klothilde said:

Yes but I'm saying you need $390M in additional gross profit (not revenue) to hit $3 in EPS.

The good example is today's PR about selling 49% of Mexican projects. They were not in the category "Plants in operation" and COD for them was 2/3 in 2021. But!!! they got 49% today, and the rest upon completion... Here is the answer to your question: Where the money come from?

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1 hour ago, SCSolar said:

I decided to average down yesterday instead of selling out. I will have some patience and do 1 more lower buy if required.

Gutsy! Good luck to you. I sold in the mid-16s real quick, except one batch of shares I dumped in the 15.80s. However, I bought some back near the close to see if I could get a little bounce this morning to hack away at some of those losses I took. I confess, I’m in the Klothilde bearish camp for now. So I’m not going to be patient. 

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41 minutes ago, Klothilde said:

12GW at $0.21 and 17.5% GM will give you $441 in GP.  In order to pay for say $600M in OPEX&INT and deliver $3 in EPS you'd need to come up with $390M of additional GP from systems.  Looks challenging to me.  Please show me the illuminated path to $3.

Right and that 17.5% has upside bias as likely based on my estimates.  19% margins on the 21 cent ASP can get up to $478M. 18% margins on $0.23 ASP can give you almost $500M. They you have EPC, kits etc at $500M at 20% margins  for $100M. They  have projects of which Japan alone at near 40% gross margins would yield yet another $150+/-.  Then add in CVD of $75M . Then lets add in another $400M of projects at 10% margins.

 

$500M+ $100M+$150M+$75M+$$40=$865

 

I clearly see a biased upside from your suggested loss. In fact there is upside to $265M. At 60M shares that is what $4+ on the upside. Am I investing on $4EPS, no, but certain $2 plus is what I am investing on. To me a purchase in the $14's is a good bet on the upside.

 

Cheers.

 

 

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2 hours ago, MVA said:

The good example is today's PR about selling 49% of Mexican projects. They were not in the category "Plants in operation" and COD for them was 2/3 in 2021. But!!! they got 49% today, and the rest upon completion... Here is the answer to your question: Where the money come from?

They are selling at least two of those plants pre-NTP at low prices tied with an EPC contract.  Thus they will earn only a small part of the revenue now and most of it during and after construction.  Take the revenue guidance for Q4 and factor out modules, kits, EPC, the U.S. project, and you'll see there's little space left for this deal, my take is less than $75M in revenue in Q4.  

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The 13Fs thus far in here show strong buying last quarter.  Given they're in the past, has everyone changed their minds all of a sudden?  Or is this just one big shakeout?  Some highlights:

Buyers (over 10K shares)
Susquehanna +80,412
State Street +10,800
Parallax +114,958
Marshall Wace +318,584
Schonfeld +10,700
Deutsche +14,000
Weld Capital +11,058
Wolverine +37,676
UBS +20,368
Mackenzie +30,799
Logan Capital +52,573
Engineers Gate +70,819
Lion Point +40,323 (6.55% ownership)
Invesco +220,818 (2.16% ownership)
Oxford Asset +34,692
Prelude Capital +26,000
Dynamic Tech +31,902
Cipher Capital +10,468
Bogle Investment +160,432
Prescott Group +15,000
Laurion Capital +30,700
Bayesian Capital +15,653
Northern Trust +18,726
Wells Fargo +20,515
Todd Asset +143,800
Blueshift +13,088
Quantbot +20,289
Credit Suisse +10,587
Shroeder +160,975 (7.16% ownership)
Group One +59,005
Winton Group +18,960
Peak 6 +25,295
Blackrock +131,827 (2.21% ownership)
Commonwealth +11,587
CA Public Empl +23,601
Hussman +28,000
Acadian Asset +24,317
KBC +11,576
Kentucky Teachers +143,800
BNP +20,025
Simplex +21,517
Assenagon Asset +233,049
Campbell & Co +13,942

Notable sellers (over 10K)
Robeco -23,286
Cutler -11,060
Janney Montgomery -21,241
Systematic Fin -16,810
Clarivest -36,109
Community Cap -12,761
JP Morgan -527,556 (F you guys and your crooked analysts)
Natixis -45,000
Boothbay -10,151
Bank of America -223,026 (Also F you guys)
Exodus Point -10,700
ART Advisors -19,300
DSAM Partners -23,721

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On the JP Morgan front.

On June 21, they go from $23 -> $25
On August 15, they go from $25 -> $28 saying they're 'warming to the story'
On November 13, they go back down to $22

So yeah, they were warming to the story all the while dumping 527,556 shares on us. Crooks.

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