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ReneSola (SOL)

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Is it possible to hit profit in Q1?

 

The 13.5 MW sale seems to hit Q1, so I guess the 20-F gave a Q1 earnings clue here. Will likely add a couple of cents to EPS.

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I am surprised, but I did not follow that close. They are selling at spot prices.

 

Yes, that's interesting. I too wasn't aware that they had become so spot market pricing exposure focused on the sales side.

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I am sure no one here holds renesola..just read something that doesn't give good impression of things for them...Renesola paid in module for ~7M to its supplier....

 

In May, the Company also entered into a module-for-encapsulant swap transaction with Zhenfa and Zhejiang ReneSola Jiangsu Co., Ltd. ("ReneSola") to settle outstanding accounts. As part of this three-party transaction, the Company has agreed to accept solar modules as settlement of approximately $7.4 million of outstanding receivables from ReneSola, and Zhenfa has agreed to purchase these modules from the Company for $7.4 million

http://globenewswire.com/news-release/2015/05/12/735030/10133862/en/STR-Holdings-Inc-Reports-First-Quarter-2015-Results.html

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I think Renesola may have actually caught on that their clever OEM strategy isn't working - sizeably scaling it back, therefore indicating lower revenues to come, but a much higher GM (so the same Gross Profit on less revenue and opex) and scaling up on downstream projects in coming months.  Where does the cash come from for that though!  One to watch!! (from a distance) :-) 
 
http://seekingalpha.com/pr/13689796-renesola-ltd-announces-first-quarter-2015-results
 
"At the beginning of 2015, we began to scale back our global OEM capacity and focus more on our downstream project opportunities.
 
"For Q2 2015, the Company expects its net revenues to be in the range of US$250 million to US$300 million, and gross margin to be in the range of 16% to 18%.

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Yingli in a making, faster to go down, not much support as Yingli would get. What is JKS and SOL deal?

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SOL convertible notes are due in 12 months. They have $63M to pay and $40M cash and negative cash flow. They can certainly unlock $67M in projects which probably will bring about $10M gain tops.  I hope everyone is out of SOL by now.

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I have a feeling that R&D is a leaky pipe stealing money from the company. There is no way a dumpster like SOL would need $13M a quarter for innovation.

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What a complete miss on their Q1 GM guidance. Yet they are very aggressive on GM guidance again for Q2.

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The bigger gainers were the weaker solars - those who, in sympathy with JASO, might appear very undervalued and could get a lift from buyout.  The difference is that JASO is genuinely undervalued, the others (YGE, SOL, HSOL) unlikely to be! That's my view of it today.  :)

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Christ, even ReneSola is in the business of solar plants. 300MW and 150MW by 2016

https://finance.yahoo.com/news/renesola-pristine-sun-form-joint-090000000.html

Are we on the same planet here? market until yesterday was selling solar like the sun was on its last legs, and ReneSola has formed a iv to build plants in the US. Screw the tariffs, screw SolarWorld and Asbeck in the scottish skirt.

Edited by odyd

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Christ, even ReneSola is in the business of solar plants. 300MW and 150MW by 2016

https://finance.yahoo.com/news/renesola-pristine-sun-form-joint-090000000.html

Are we on the same planet here? market until yesterday was selling solar like the sun was on its last legs, and ReneSola has formed a iv to build plants in the US. Screw the tariffs, screw SolarWorld and Asbeck in the scottish skirt.

Ha! Next thing you know LDK and STP will announce yieldcos! Lol Sent from my iPad using Tapatalk

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Looks like SOL is doing a CSIQ i.e. strengthening BS by build and sell projects. Focusing on UK, US and Japan markets.

 

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After doing pretty well in SOL a few years back and riding up to mid $5 for the sell I am feeling pretty good about getting back into this especially at these levels and what they have in the pipeline.  I agree that there may be "stronger" cos and I have also done well with FSLR, SPWR, CSIQ awhile back.  But SOL is real tempting here for folks wanting a play to load on and I am have started to accumulate more as well.  Pulling back on OEM and moving for more downstream business aligning with partners that are proven in the space is a good move in my opinion.  They get more margin, thus more profit and have been paying down their debt along the way.  If they just get a couple quarters in the near future where they are black $10-20M could have a huge effect on share price to the upside very quickly especially since the volume has not been anything close to what it used to be.  Could fly up in a blink of eye with just double or triple volume with some positive news.  Like I said there may be more obvious plays but at these prices it is definitely worth picking up here for people on the sidelines or others who want to add to their portfolio for a quicker upside jolt... 

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ReneSola buys $36M in bonds and buys 800K shares off the market. That is a lot of money even at the discount for something which is 3 years from now. Good for them to produce returns allowing for such a big buyback.

http://ir.renesola.com/phoenix.zhtml?c=210622&p=irol-newsArticle&ID=2092213

Edited by odyd

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I love the fact that they put out a press release stating that they were in fact actually engaged in their share buy-back. I think many times when a Chinese company declares a buy-back everyone just assumes that it is Bullpoop, that they are just declaring with no intention of actually doing it. Look at JASO for example. They declared a buy-back...did nothing forever, then came out with some rules for how low the price had to be before they would buy-back and then the stock tanks and they just nibble instead of aggressively buying back. This is the kind of stuff that makes you lose faith in the Chinese companies. WAY TO GO RENESOLA.....BRAVO!

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ReneSola buys $36M in bonds and buys 800K shares off the market. That is a lot of money even at the discount for something which is 3 years from now. Good for them to produce returns allowing for such a big buyback.

http://ir.renesola.com/phoenix.zhtml?c=210622&p=irol-newsArticle&ID=2092213

Good for them.

They think the market undervalues the execution capabilities of the management team. Yes Li your stock seems to have some discount. Maybe it's your honesty that's discounted, not your capability.

 

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perhaps the buyback is to keep them above $1/share so they wont get a de-listing notice ?  what ever the reason,  their stock is up big today

Edited by sac_solar

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Really happy I have been loading my belly up with SOL at those depressed prices last few weeks... stomach is full... time for a nap next few months when the positive reports come in then I wake up and SELL for triple (at least)... goodnight

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Last time a had shares of a company that went profitable after the CFO resigned, they filed for BK a few months later.. Doesn't has to happen here..

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Almost doubled in 3 months. Their wafer plant should do well. I wonder if the low poly price forces them to take another poly plant impairment charge though? The poly price might approach their cash cost.

 

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They have really been repairing thier balance sheet. I hope they continue to do so. It seems that the recently departed CFO was the one responsible for the good fiscal management. It would be a major lift to thier share price that when they hire a new CFO he or she is someone with some clout in the industry and a good track record.

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