[explo 648]

TSL and YGE are tanking too. What's up today? Module business gross margins are heading for mid teens this year. Better than low single digits.

[Guest Klothilde]

Module business gross margins are heading for mid teens this year. Better than low single digits.

Are you talking about JASO or in general? COGS transparency sucks big time. A.o. they don't quantify an inventory provision and don't separate module revenue and cogs from the module tolling numbers. Still crunching numbers to see if I can salvage anything. One thing they mentioned was their non-poly module cost in Q4 which was 53 cent. They target 46 cent by end of 2013. Considering that this is mostly high-efficiency mono I think it's quite competitive. Their module ASP looks horrible in Q4, I get 58 cents. But then again we don't know how much module tolling there is that is driving down the average. They did however ship 50% modules to China so the overall ASP has to be low.

[Guest sony1]

When the cake get 30% smaller over night, and there is still massive overcapacity, of course GM will improve. And handing SOL $50M certainly won't improve things, wtf are they thinking about? 3 or 4 more need to follow STP.

[explo 648]

Are you talking about JASO or in general?

JASO

COGS transparency sucks big time. A.o. they don't quantify an inventory provision and don't separate module revenue and cogs from the module tolling numbers. Still crunching numbers to see if I can salvage anything.

Looking forward to see what you arrive at.

One thing they mentioned was their non-poly module cost in Q4 which was 53 cent. They target 46 cent by end of 2013. Considering that this is mostly high-efficiency mono I think it's quite competitive.

It sounds like they might mean non-Si cost at 53 cents in Q4.

Their module ASP looks horrible in Q4, I get 58 cents. But then again we don't know how much module tolling there is that is driving down the average. They did however ship 50% modules to China so the overall ASP has to be low.

Tons of shipment in China can explain 58 cents. HSOL had 60 cents and should be higher module tier and shipped geographically nicely. What I don't get is that SOL said they shipped 50% to China and still had 63 cents. Does it mean they get more premium than YGE? ASP is a mystery. Tier, high efficiency and good geographical footprint should decide, but some of the guys are just coming in way low and some surprisingly high.

[Guest Uncle Chang]

Question 1. Does JASO have tolling services with YGE or TSL? It is understandable why JASO drags SOL and LDK down, it always did, but YGE and TSL are down huge for no good reason. Question 2. Why do they still need the Wafer capacities? How much can they sell it for?

[explo 648]

They did module tolling service in Q4, so forget 58 cents ASP. Keeping us in the dark.

[Guest larryvand]

Trying to read JASO's Q4 report is the utmost in frustration. Number hidden in numbers. Clear as mud. I haven't looked at a prior report, but Is it like that every quarter?

[Guest Klothilde]

Similar. If it's not one thing it's the other. This time they hit us with the stupid module tolling.

[Guest larryvand]

JASO Q4 2012 Earnings call transcript http://seekingalpha.com/article/1299411-ja-solar-holdings-management-discusses-q4-2012-results-earnings-call-transcript

[Guest JulyWebb]

Highlights on Quarter 1 Looks Good Needham & Company Thanks for taking my question. I guess a follow-up to Satya's question, your first quarter guidance was the full-year guidance, how much do you think that this business will come from China and Japan and other markets. And I guess what we're trying to ask is, does it relate to end demand rather than just some of your customers who is buying cells from you in China and use it for other markets? Thank you. Bill Chen For the guidance with China and Asia-Pacific, Asia-Pacific is 30% to 40%, China 20%, Europe we've 20% and U.S. about 10%, the rest of world is 10% to 20%. Satya Kumar - Credit Suisse "Just wanted to clarify on the gross margins. Are we looking to having a positive gross margin in Q1 based on what you are expecting"? Jian Xie "Yeah. I think that we expect a positive gross margin. That's for sure. As you know we have focused the market in emerging markets, especially in Japanese and also some other Asia Pacific market. Some emerging markets from South America and Middle East as well. Those are areas gross margins are much higher than traditional market in Europe and some markets in China as well". Satya Kumar - Credit Suisse Okay. So it sounds like mix is helping gross margin become more positive in Q1