Jump to content
Sign in to follow this  
dydo

Daqo (DQ)

Recommended Posts

Nice guangfu article on Tongwei.  They got a major convertible bond approved to finance their new capacities.
http://guangfu.bjx.com.cn/news/20180801/917512.shtml

New plants (50kt) are scheduled to come online in October at a cost slightly below $6/kg which is consistent with what SCSolar has been preaching.

DQ bulls ignore at your own risk.

Share this post


Link to post
Share on other sites
6 hours ago, Klothilde said:

New plants (50kt) are scheduled to come online in October at a cost slightly below $6/kg which is consistent with what SCSolar has been preaching.

If that includes a short depreciation period it is impressive. Si production costs are coming down to 2.5 cents per watt. This means that FSLR's historically massive gross margin component is evaporating.

  • Like 1

Share this post


Link to post
Share on other sites

Poly dropping is no issue for FSLR, S6 is a fierce monster and while that monster awakes they have the trumponian tariffs and projects to insulate them.

However DQ is feeling the heat right here right now.  Estimates are being chainsawed left and right.  Q3 EPS estimate is now down to $0.43. Not long ago people were swearing on $3 per quarter until the end of time and now there's not even mojo for $1.

Share this post


Link to post
Share on other sites
29 minutes ago, Klothilde said:

Poly dropping is no issue for FSLR, S6 is a fierce monster and while that monster awakes they have the trumponian tariffs and projects to insulate them.

However DQ is feeling the heat right here right now.  Estimates are being chainsawed left and right.  Q3 EPS estimate is now down to $0.43. Not long ago people were swearing on $3 per quarter until the end of time and now there's not even mojo for $1.

Poly dropping is very much an issue for FSLR and other thin film guys... Since cost of silicon technology is going down and competitiveness is growing. As for S6 modules, look at competition - Canadian Solar HIKU modules. HiKu is the first poly module (attention Poly, not Mono) exceeding 400 W and thus reaches one of the highest poly module power outputs in the solar industry. Also, If HIKU to convert to bifacial type then we may have module of 680 W capacity, as back side generates 70% of the front, according to Qu (CEO) himself. Same amount of aluminum for frame, savings in land use, etc, etc... Plus, new Indian 25% tariff blocks modules form China and Malaysia, exactly where FSLR and SPWR have facilities. And Vietnam and Thailand are exempt (as developing nations), exactly where CSIQ have production.                             https://www.canadiansolar.com/en/solar-panels/hiku.html

Edited by MVA
  • Like 1

Share this post


Link to post
Share on other sites
48 minutes ago, Klothilde said:

Poly dropping is no issue for FSLR, S6 is a fierce monster and while that monster awakes they have the trumponian tariffs and projects to insulate them.

I was thinking in a longer perspective on profitability on panel production. Much of their GM (not to mention their NM considering high R&D) on that was related to the cost of polysilicon. It's like you want to move the long-term ASP pain of FSLR from falling polysilicon costs to DQ. DQ shareholder pain won't alleviate FSLR shareholder pain so what's the point on bashing another stock for the pain that hits both your stock and that stock. Again I'm talking long-term profits and then it is really the thin film margin only that suffer from lowered polysilicon production costs not the polysilicon production margins. At least DQ can (in theory) do something about it by remaining competitive by re-taking the cost leadership in the future. FSLR can't do anything about the drop in contribution from this margin component (they can improve other components, but not this one). 

  • Like 3

Share this post


Link to post
Share on other sites
7 hours ago, MVA said:

 - Canadian Solar HIKU modules. HiKu is the first poly module (attention Poly, not Mono) exceeding 400 W and thus reaches one of the highest poly module power outputs in the solar industry. Also, If HIKU to convert to bifacial type then we may have module of 680 W capacity, as back side generates 70% of the front, 

I believe you are misrepresenting the bifacial power gain. Most articles I have read suggest the backplane adds 30% power gains. If my read of the PR is accurate , the Bifacial Technology loses power gain on the front side but gains on the backside leading to a 15% overall power gain from the HIKU modules.

 

With that said, a module being at near $0.20 or less in cost to manufacture in 1 to 2 years will definitely put a price damper on the FSLR price.

The market that FLSR will get a premium on though is the U.S. A single market reliance is not a good company to bet on especially with their high OPEX/Watt.

 

 From the PR, The HIKU modules perfoms at over 400W. The BiKU Bifacial modules frontside gets around 365W with the backplane adding appx 30% more power. This suggests a total of 465W or so of power.

 

https://www.prnewswire.com/news-releases/canadian-solar-launches-the-next-generation-solar-modules-bifacial-high-power-density-and-over-400-w-poly-hiku-modules-at-intersolar-europe-300666358.html

 

Canadian Solar's BiKu modules are at the forefront of high efficiency dual-cell bifacial modules in the industry. Its poly bifacial modules have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions under certain albedo, thus lowering LCOE dramatically. Canadian Solar's BiKu modules will certainly help you maintain IRR on your project investment, in case project PPA decreases year after year.

HiKu poly modules are developed specially for utility market with power output exceeding 400 W. This product uses the latest high efficiency cell technology, coupled with Canadian Solar's Ku module technology. HiKu modules can reduce EPC cost of solar projects in terms of lower BOS and installation costs.

Share this post


Link to post
Share on other sites
1 hour ago, SCSolar said:

I believe you are misrepresenting the bifacial power gain. Most articles I have read suggest the backplane adds 30% power gains. If my read of the PR is accurate , the Bifacial Technology loses power gain on the front side but gains on the backside leading to a 15% overall power gain from the HIKU modules.

 

With that said, a module being at near $0.20 or less in cost to manufacture in 1 to 2 years will definitely put a price damper on the FSLR price.

The market that FLSR will get a premium on though is the U.S. A single market reliance is not a good company to bet on especially with their high OPEX/Watt.

 

 From the PR, The HIKU modules perfoms at over 400W. The BiKU Bifacial modules frontside gets around 365W with the backplane adding appx 30% more power. This suggests a total of 465W or so of power.

 

https://www.prnewswire.com/news-releases/canadian-solar-launches-the-next-generation-solar-modules-bifacial-high-power-density-and-over-400-w-poly-hiku-modules-at-intersolar-europe-300666358.html

 

Canadian Solar's BiKu modules are at the forefront of high efficiency dual-cell bifacial modules in the industry. Its poly bifacial modules have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions under certain albedo, thus lowering LCOE dramatically. Canadian Solar's BiKu modules will certainly help you maintain IRR on your project investment, in case project PPA decreases year after year.

HiKu poly modules are developed specially for utility market with power output exceeding 400 W. This product uses the latest high efficiency cell technology, coupled with Canadian Solar's Ku module technology. HiKu modules can reduce EPC cost of solar projects in terms of lower BOS and installation costs.

Listen to what Qu said himself (start at 2:33 minute): https://www.youtube.com/watch?time_continue=7&v=fVVZWLpU3Ns

 

Edited by MVA

Share this post


Link to post
Share on other sites
19 hours ago, explo said:

I was thinking in a longer perspective on profitability on panel production. Much of their GM (not to mention their NM considering high R&D) on that was related to the cost of polysilicon. It's like you want to move the long-term ASP pain of FSLR from falling polysilicon costs to DQ. DQ shareholder pain won't alleviate FSLR shareholder pain so what's the point on bashing another stock for the pain that hits both your stock and that stock. Again I'm talking long-term profits and then it is really the thin film margin only that suffer from lowered polysilicon production costs not the polysilicon production margins. At least DQ can (in theory) do something about it by remaining competitive by re-taking the cost leadership in the future. FSLR can't do anything about the drop in contribution from this margin component (they can improve other components, but not this one). 

I consider this poly drop from $19 to $11 way less of a challenge for FSLR than the historical drop from $500 to $19 which they navigated through quite successfully.  The key was delivering a higher rate of process cost reduction / efficiency improvement than their CN peers.

Currently JKS' cost data suggests that the rate of process cost reduction (i.e. non-poly cost) of the CNs has slowed down significantly over the last several quarters to less than 5% yoy, which translates to an advantage for FSLR who is currently going supersonic in cost reduction with S6.  Yes, the CNs are currently seeing way lower input costs through cheaper upstream materials but this does not truly reflect process improvement.  It's pure desperation of wafer and cell makers who are forced to sell at cash or below to remain liquid.

Anyhows, interesting topic that belongs in a FSLR thread and not here.

As DQ is concerned I'm just interested in counteracting some irrational pumping that we've seen here (stock going to $120 etc.) and warning people based on facts and data.  A poly drop from $19 to $11 means that DQ quarterly EPS drops from $3 to $0, as simple as that.  Moreover since poly oversupply will likely worsen over the next quarters there's little chance that earnings will rebound anytime soon.  Imho this is not reflected in the current share price yet and people have to be extremely careful.  The last thing I would do is hold this one through the ER next week.  I'm sure some of the smart people here think alike so please speak up and don't make me look like the forum b*tch here please.

 

  • Like 2

Share this post


Link to post
Share on other sites
6 hours ago, Klothilde said:

The last thing I would do is hold this one through the ER next week.

If you're so concerned with short-term stock price movements, why did you hold your 100% FSLR stake (talk about putting all your eggs in one basket!) through their latest earnings, knowing they were going to be barely break-even at best?

I politely suggest you worry less about other people's holdings, and more about your own.

Share this post


Link to post
Share on other sites
1 hour ago, solarpete said:

If you're so concerned with short-term stock price movements, why did you hold your 100% FSLR stake (talk about putting all your eggs in one basket!) through their latest earnings, knowing they were going to be barely break-even at best?

I politely suggest you worry less about other people's holdings, and more about your own.

I'm pretty happy Klothilde is here.  Happy she is thinking of other folks' holdings.  It's the discussing that has value for me.

  • Thanks 2

Share this post


Link to post
Share on other sites

Agreed, sunnypease.  But pete brings up a point I have been interested in... at what price would you sell Klothilde?  Is there any price you'd sell or is this a buy it and forget it type purchase for your kids when they're of age?  What's your plan if I/we may ask?

Share this post


Link to post
Share on other sites
25 minutes ago, sunnypease said:

I'm pretty happy Klothilde is here.  Happy she is thinking of other folks' holdings.  It's the discussing that has value for me.

I have no problem with a discussion of any particular stock's merits.  That's why we're all here.  But I DON'T need a recommendation on what to do with my holdings, especially from someone holding an equally questionable stock.  I can ignore it once.  Twice.  Three times, even.  But after a while, it starts to (obviously) get under my skin.  Enough is enough.  This is not a Yahoo pumper/basher board.  Let's stick to a discussion of the facts, and let everyone make their own investment decisions from there.

  • Like 1

Share this post


Link to post
Share on other sites
9 hours ago, Klothilde said:

Anyhows, interesting topic that belongs in a FSLR thread and not here.

Agree.

9 hours ago, Klothilde said:

As DQ is concerned I'm just interested in counteracting some irrational pumping that we've seen here (stock going to $120 etc.) and warning people based on facts and data.

People always get exuberant / pumpy when thing are flying high. FSLR was lovely in the 80's and a dog in the 20's (I had the complete contrary view in term of its short-term percentage appreciation potential at those times). CSIQ was heading for triple digits when it was in the 40's while I like it much better in the low 20's than the high 30's back then. These stocks cycle. There is not a single established growth stock in this industry yet. It's a buy low sell high space. 

Edited by explo

Share this post


Link to post
Share on other sites
1 hour ago, Mark said:

...at what price would you sell Klothilde?  Is there any price you'd sell or is this a buy it and forget it type purchase for your kids when they're of age?  What's your plan if I/we may ask?

I think there's an awful lot of fun to come around 2020 when scientists & engineers have mastered the S6 transition and are again balls deep into cost reduction and efficiency improvement.  At the same time you'll have 7.4GW of capacity online which will drop their OPEX/W to a competitive 4 cts/W.  I told myself I will revalue the investment when they are around 10GW.  If I see them spiking way beyond what's justified through fundamentals I may push the sell button earlier.  However not touching before 2020.

  • Thanks 1

Share this post


Link to post
Share on other sites
1 hour ago, Klothilde said:

I think there's an awful lot of fun to come around 2020 when scientists & engineers have mastered the S6 transition and are again balls deep into cost reduction and efficiency improvement.  At the same time you'll have 7.4GW of capacity online which will drop their OPEX/W to a competitive 4 cts/W.  I told myself I will revalue the investment when they are around 10GW.  If I see them spiking way beyond what's justified through fundamentals I may push the sell button earlier.  However not touching before 2020.

How about a potential Tellurium bottleneck in solar trade war times when scaling up? It seems China stands for two thirds of the world's Tellurium production and one third of the US imports.

https://minerals.usgs.gov/minerals/pubs/commodity/selenium/mcs-2018-tellu.pdf

 

Share this post


Link to post
Share on other sites

Let's see, they need around 64 tons of Te per GW of produced modules, so for 7.4GW in 2020 they need 474 tons which is more than current world supply.  So yes, the Chinese could potentially annoy them by withholding Te.  I think FSLR most probably has the sourcing of Te figured out, incl. alternative sources to China, however I think it would be a wonderful question to ask during a con call.

Share this post


Link to post
Share on other sites

The GCL-Shanghai Electric deal is off you guys.  Maybe that's what has DQ fired up.

That doesn't mean GCL will not start their Xinjiang plant.  To the contrary, trial runs are supposed to start at the end of the month.  That's 40kt of low cost poly capacity right there you guys.

http://guangfu.bjx.com.cn/news/20180807/918883.shtml

"...Among them, the Xinjiang project is expected to be put into trial production before the end of this month; and based on the talents and technological advantages of the company for many years, combined with the low electricity prices in Xinjiang and the purchase of new domestic equipment, the overall cost level of the Xinjiang project is expected to be 10% lower than the competitors..."

  • Thanks 1

Share this post


Link to post
Share on other sites

Results are out, $1.0 per ADS, slightly above consensus (yeay).

Don't like their commentary, kinda rosy, which to me is fishy.

Also not a word on 4A in the materials.  Hmm... I hope it's just my dirty mind.

Share this post


Link to post
Share on other sites

It's your dirty mind.

They just MADE $1/share in earnings, when you confidently predicted your calculations showed they would be losing money.

Your calculations were correct, by the way--just for the wrong stock.  It's your beloved FSLR that couldn't stay above breakeven during this period.

Of the two stocks, I know which one I'm more comfortable holding.  It's just a shame the market doesn't reward results equally, otherwise we both know which stock would lead the other by $20 share price.

I suspect that gap will now narrow, if not close.

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, solarpete said:

It's your dirty mind.

They just MADE $1/share in earnings, when you confidently predicted your calculations showed they would be losing money.

Your calculations were correct, by the way--just for the wrong stock.  It's your beloved FSLR that couldn't stay above breakeven during this period.

Of the two stocks, I know which one I'm more comfortable holding.  It's just a shame the market doesn't reward results equally, otherwise we both know which stock would lead the other by $20 share price.

I suspect that gap will now narrow, if not close.

The guidance for Q3 reads strong with shipments for revenue of 6KMT.

Based on the current high end ASP of $12.90 and a cost to produce of around $9.10 as 1/3 of the shipment was last quarters production costs, they will net around $0.80 a share for Q3. That is about where I pegged each  second half quarter earnings back in June.

 

The earnings likely will bottom around Q418 or Q119. This earnings should climb come Q2 or 2019 when the 30K is fully ramped. If the ASP maintains around $12/Kg, then earnings should push $1.50 per quarter.

Share this post


Link to post
Share on other sites
3 hours ago, solarpete said:

It's your dirty mind.

They just MADE $1/share in earnings, when you confidently predicted your calculations showed they would be losing money.

Your calculations were correct, by the way--just for the wrong stock.  It's your beloved FSLR that couldn't stay above breakeven during this period.

Of the two stocks, I know which one I'm more comfortable holding.  It's just a shame the market doesn't reward results equally, otherwise we both know which stock would lead the other by $20 share price.

I suspect that gap will now narrow, if not close.

You're making things up.  I never predicted they would lose money in Q2.  I said that at current prices they don't make money.  It's all there, go back and review.

Did someone listen to the con call by any chance?  Any news on 4A?

 

Share this post


Link to post
Share on other sites
17 minutes ago, Klothilde said:

I said that at current prices they don't make money.

OK, so now you're predicting losses for Q3.

We shall see.

I'm waiting on a transcript for the call, to see if they gave guidance on margins for Q3.

Share this post


Link to post
Share on other sites
3 hours ago, solarpete said:

OK, so now you're predicting losses for Q3.

Not exactly.  My current estimate for Q3 is $0.30 - $0.50 per ADS.

However they are benefiting from shifting Q2 revenue into Q3.  Without that shift they would indeed be slightly negative on my books.

Share this post


Link to post
Share on other sites
7 hours ago, SCSolar said:

Based on the current high end ASP of $12.90...

The transcript is out and I think the CEO was quite candid on prices (see quote).  In June they stopped all sales because prices were irrational.  They started selling inventory when mono-grade recovered to $11.7/kg and multi-grade to $10.4.  And he says that currently mono-grade sells for $12.1 and multi-grade for $10.8.  DQ's mix (70% mono) would currently have a blended price of $11.7 at the market prices he mentions.

"I think the pricing fluctuation in June really, I think, cannot represent any meaning because we didn’t have any trading there. So basically, we also have inventory because lowest prices go to – renminbi is going to like multisilicate go to $70; mono, even lower, go to $80 revenue per KG. So actually, we didn’t sell – ship or sell any contract in June, so that’s why we have the inventory. By the end of the quarter, we have 2,115 tons there.

Then I think the price – the market digested and I think of the policy, then come back early July. So basically, we’re starting selling early July, the price go to monosilicon around like $93 and multi- is around $82, $83. So we’re starting to selling inventory. So basically, we sold old inventory today. And the price of a monosilicon is around $95, $96, and multi- is around $85 to $86 per KG."

7 hours ago, SCSolar said:

The earnings likely will bottom around Q418 or Q119. This earnings should climb come Q2 or 2019 when the 30K is fully ramped. If the ASP maintains around $12/Kg, then earnings should push $1.50 per quarter.

What EPS do you get at $9/kg?

I'm asking because the DQ CEO sees 300kt of CN capacity below $9/kg cost by end of next year.

"...By – I think, end of next year, definitely, I think the lower-cost Chinese producers should be around 300,000 tons...

...What I’d say is lower cost, it should be below $9 per KG..."

Share this post


Link to post
Share on other sites

Different question you guys.  I noticed crunching the numbers that they are currently forced to sell their wafers below cost.  They even had an inventory write-down which corroborates that they are selling them bitches below cost.

Now they confirmed they will restructure the unit and will have an announcement on that.

My question to you is how high could a potential write-down or write-off of related assets be?  They have around 500MW of wafer capacity I guess, so could they be hit by a blow of $25M - $75M for instance?  That would knock off a few quarters of earnings.  Is this possible or am I just spreading fear here?

Here's what he said you guys:

"...Okay. I think that’s a good question, also a challenging question. I think current market situation is very challenging for our wafer business. Basically, I think we are going to have a strategic review of our wafer business. Basically, the shipments, you can see that, we’ll just go ahead and clean our inventory. The ingots we produce, we’re going to cut into the wafer to sell it. So we were – after we, I think, actually, we will announce that separated, about the restructuring planning..."

Share this post


Link to post
Share on other sites

I think these guys have lost it.  They think the global market could expand to 160GW in 2020.

That's funny right?  But also scary because it shows they've lost touch with reality.

Share this post


Link to post
Share on other sites
2 minutes ago, Klothilde said:

I think these guys have lost it.  They think the global market could expand to 160GW in 2020.

That's funny right?  But also scary because it shows they've lost touch with reality.

That would only be funny if you believed that China would not reach profitability with $0.04 as the average cost/KWhr without subsidies.  I see a >8% return on cash invested with a 20% down for the project development cost. This is based on a $0.60 build cost per KWhr with 80% financed at 5%.  I believe they could hit $0.50 install costs. They could be installing 100GW with those returns.

 

All it takes is an  ASP heading into 2020 at the $0.20-$0.25 range which are targets to be met with ultra low Poly usage from new Tech and higher efficiencies. Think 22-25% efficiency from modules from new tech that is ramped. Then look at wafer processing at $0.04/W Cell at $0.05, module at $0.07 and  poly running $0.03 and you have a cost at $0.19. That supports 20% margins at $0.23-$0.25 for module makers.

 

I know I know you do not believe those numbers but wait and see.

Share this post


Link to post
Share on other sites
55 minutes ago, Klothilde said:

The transcript is out and I think the CEO was quite candid on prices (see quote).  In June they stopped all sales because prices were irrational.  They started selling inventory when mono-grade recovered to $11.7/kg and multi-grade to $10.4.  And he says that currently mono-grade sells for $12.1 and multi-grade for $10.8.  DQ's mix (70% mono) would currently have a blended price of $11.3 at the market prices he mentions.

Time to listen to the con call. Q2 ASP for DQ was near the high range of May 30 PVInsigths posted on this board. PVInsights is now around $12.90 high end range.

Share this post


Link to post
Share on other sites
3 hours ago, Klothilde said:

 They started selling inventory when mono-grade recovered to $11.7/kg and multi-grade to $10.4.  And he says that currently mono-grade sells for $12.1 and multi-grade for $10.8.  DQ's mix (70% mono) would currently have a blended price of $11.7 at the market prices he mentions.

 Then I think the price – the market digested and I think of the policy, then come back early July. So basically, we’re starting selling early July, the price go to monosilicon around like $93 and multi- is around $82, $83. So we’re starting to selling inventory. So basically, we sold old inventory today. And the price of a monosilicon is around $95, $96, and multi- is around $85 to $86 per KG."

What EPS do you get at $9/kg?

I'm asking because the DQ CEO sees 300kt of CN capacity below $9/kg cost by end of next year.

"...By – I think, end of next year, definitely, I think the lower-cost Chinese producers should be around 300,000 tons...

...What I’d say is lower cost, it should be below $9 per KG..."

OK read the con call. It is reasonably sound. They are selling today at around $12.24 for Mono. They expect the poly to rise by year end to  $12.75 for mono. 

 

This places gross based on $9/kg production cost at $3.24-$3.75/Kg.

 

For Q3 - Use an average of $3- $3.50 gross. 6000MT is $18M to  $21M gross. Less $9M for Opex and interest you have $9-$12. Afer tax you have $0.61 to $0.82 in EPS before 1 timers such as shuttering the wafer or writing off the equipment which is hinted at.

 

For Q4, they could be looking at 6500MT production. with a $3.50-$4.00 gross. That would push $0.85 to $0.95 for EPS before adjustments and 1 timers.

 

What I find interesting in the conference call

 

1: The suggestion of 50GW or  potentially more potential from China in 2019.

 

2: The suggestion that rooftop solar in some parts is being installed at $0.525/Watt which will go down with lower ASP

 

3: 2/3rds of current Poly plants will be shut down due to high production costs. The remaining capacities will be $9/KG or lower and as we know from comments that much of that new capacity is going to be at around $6 or less/Kg loaded costs.

 

Share this post


Link to post
Share on other sites
5 hours ago, SCSolar said:

For Q3 - Use an average of $3- $3.50 gross. 6000MT is $18M to  $21M gross. Less $9M for Opex and interest you have $9-$12. Afer tax you have $0.61 to $0.82 in EPS before 1 timers such as shuttering the wafer or writing off the equipment which is hinted at.

I'm raising my Q3 estimate slightly after fine-tuning.  I factor in lower cost (RMB depreciation), some losses on wafers, and flat OPEX as guided:

Poly volume 6000t, ASP $12-$12.5/kg, cost $8.6/kg
Wafer volume 7.5M, ASP $0.31/u, cost $0.48/u
Gross poly: $20.4 - $23.4M
Gross wafer: -$1.2M
Total gross: $19.2 - $22.2M
OPEX & NI: $11.0M
E p ADS: $0.51 - $0.70

For Q4 and Q1 I see a risk of ASPs deteriorating due to companies restarting poly plants currently under maintenance as well as Tongwei and GCL ramping up their low-cost poly plants.  

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Donate

    Please donate to support this community. We appreciate all donations!

    Donate Sidebar by DevFuse
  • Upcoming Events

    No upcoming events found
  • Forum Statistics

    • Total Topics
      32
    • Total Posts
      91,902
  • Who's Online (See full list)

    There are no registered users currently online



×
×
  • Create New...