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JA Solar (JASO)

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The factory is being on hold, as it appears, the study will come out either this or the next month. I see no problems, but delays.

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14 minutes ago, odyd said:

The factory is being on hold, as it appears, the study will come out either this or the next month. I see no problems, but delays.

Jaso should get the impact studies done and allowed to proceed.  The  problem is that the 6 month delays have caused them to miss a window for shipping tariff free modules to the U.S before the ASP collapse to the U.S. The ASP in the U.S. according to Jaso is already $0.37 in Q1. That removes a market they can sell into until ramped capacity in Vietnam. 

 

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1 minute ago, SCSolar said:

Jaso should get the impact studies done and allowed to proceed.  The  problem is that the 6 month delays have caused them to miss a window for shipping tariff free modules to the U.S before the ASP collapse to the U.S. The ASP in the U.S. according to Jaso is already $0.37 in Q1. That removes a market they can sell into until ramped capacity in Vietnam. 

 

They do have Malaysia with 1.2GW. but you are right they are losing time to earn with the new tech.

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JA Solar is saying they sold their modules in 2016 for $0.46 per watt. This makes them the cheapest sellers. Their cost was $0.39 and the GM on modules was 14.7%

As of December 31, 2016, the average conversion efficiency rates of our mainstream monocrystalline and multicrystalline solar cells were 21.0% and 18.6%, respectively.

1GW cell in Malaysia, no module, I am surprised.

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JA filed 20-F.

HTML: http://investors.jasolar.com/phoenix.zhtml?c=208005&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTExNTQ2OTUzJkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3

PDF: http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1hSFIwY0RvdkwyRndhUzUwWlc1cmQybDZZWEprTG1OdmJTOWtiM2R1Ykc5aFpDNXdhSEEvWVdOMGFXOXVQVkJFUmlacGNHRm5aVDB4TVRVME5qazFNeVp6ZFdKemFXUTlOVGM9JnR5cGU9MiZmbj1KQVNvbGFySG9sZGluZ3NDb0x0ZF8yMEZfMjAxNzA0MjYucGRm

All my holdings have filed now. CSIQ is the remaining CN3 to file.

Highlight:

Diamond sawing wire technology was widely introduced into the production of silicon wafers in recent years, as such technology has various advantages over slurry cutting technology, including higher productivity, lower need of wire length and spool size, less disposal issue, lower energy consumption and less space occupation. Furthermore, as the price of diamond wires decreased while the endurance of diamond wires enhanced, the cost of utilizing diamond sawing wires technology is lower than the slurry cutting technology in many fields. Currently, diamond sawing wire technology has been used in production of all of our monocrystalline silicon wafers, and we are in the process of upgrading the technology used in our multicrystalline silicon wafer production to diamond sawing wire technology.

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They can only saw 2.5GW of it. And not sure how many of it poly.  That is their end goal. Their purchase of wafer company from the chairman ended in bankruptcy. Nice efficiencies on cells. 

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1 hour ago, odyd said:

They can only saw 2.5GW of it. And not sure how many of it poly.  That is their end goal. Their purchase of wafer company from the chairman ended in bankruptcy. Nice efficiencies on cells. 

I think their wafer plant in Hebei is mono and the wafer plant in Jiangsu is multi. In 2016 they hade 1.0 GW in Hebei and 1.5 GW in Jiangsu. In 2017 they will have 1.7 GW in Hebei, 1.0 GW in Jiangsu and 0.3 GW in Vietnam.

Looking at conversion efficiency gains in 2016 it was 1.3% on their mono cells and 0.1% on their multi cells. So they need to step up on the multi side. In the mean time my guess is that for 2017 they are increasing production of mono relative to multi and making some capacity adjustments to accommodate that.

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Was there any new news in these reports?  JASO is trading like everyone was surprised by something new.

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14 minutes ago, sunnypease said:

Was there any new news in these reports?  JASO is trading like everyone was surprised by something new.

They filed 20-F. Tons of info there. I gave one highlight above and some more comments here: https://solarpvinvestor.com/topic/32-trading-solars/?do=findComment&comment=92604

 

 

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I think their Malysian capacity and JKS is seen as a winner since FSLR needs to bring modules in. CSIQ is seen as loser.

Sent from my SM-G950W using Tapatalk

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6 minutes ago, odyd said:

I am guessing this offer will take it off the market.

The reasons given for significantly lowering the "offer" should and will IMHO put ,at least in a short term, pressure on US listed CN solar stocks. Its clear JKS will be next in not so distant future, which really leaves only CSIQ as an "investable" "CN" solar listed in the US.

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1 minute ago, pg6solar said:

The reasons given for significantly lowering the "offer" should and will IMHO put ,at least in a short term, pressure on US listed CN solar stocks. Its clear JKS will be next in not so distant future, which really leaves only CSIQ as an "investable" "CN" solar listed in the US.

I agree, to a point. I suspect that Jinko planning to be a global volume leader will remain on the market. I do not suspect JASO has a lot of holders, however, I feel that if JASO is gone, this will stabilize two companies.

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Isn't this likely to send the share price down now?  

From what I remember of TSL, the price sat under the take out price by quite a margin.  

This totally sucks.  I'm starting to be a believer in section 201.  

I wonder if this was in response to 201.

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Geez.  Timing was planned to announce after all the CN solars disappoint declining margins, after Trump leaves Paris and after the 201.

That says that the solarpvinvestor crowd has more faith than the directors of these companies.  

We should have been short, not long this round of CCs.  We knew the margins were getting smaller.  

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I guess another way to look at it is... maybe they see a BK looming, so I should be quiet and thankful.  

Should we be thankful or displeased?

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5 minutes ago, sunnypease said:

Geez.  Timing was planned to announce after all the CN solars disappoint declining margins.

That says that the solarpvinvestor crowd has more faith than the directors of these companies.  

We should have been short, not long this round of CCs.  We knew the margins were getting smaller.  

I am not sure on who's behalf yo are speaking but what is happening to JASO is not something I would consider as a surprise. The price was then and the price is now. I hope they will take it off the market so we can move on.

I do not think you would spend $3 more if you can spend three dollars less. 

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8 minutes ago, odyd said:

 I hope they will take it off the market so we can move on.

Why do you hope that?   How is JKS or CSIQ doing any better job?

If you are holding any CN solars... then I really don't understand why you want them to take it out with a low ball offer.   Don't you think this will cause people to lose faith in the group?   

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Cause for last 4 years JASO has not given me any signals for ownership. I have nothing to do with the offer. I have suggested for you to get below the surface of each company. I hold CSIQ and now you see why

 

Sent from my SM-G950W using Tapatalk

 

 

 

 

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1 hour ago, SCSolar said:

That offer is not even the 50 day moving average as of yesterday being $6.83. 

It's a bullpoop offer. A bit more than 3 times last years EPS and less than 1.5 times the sum of the past 3 years EPS. Book value per share is over $20.

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4 minutes ago, explo said:

It's a bullpoop offer. A bit more than 3 times last years EPS and less than 1.5 times the sum of the past 3 years EPS. Book value per share is over $20.

Doesn't it require shareholder approval? 

I'm surprised HQCL is holding up when those shareholders wouldn't have any power if a similar buyout was offered.

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1 minute ago, sunnypease said:

Doesn't it require shareholder approval? 

Of course. Once it is definite. For some reason he never makes a definite offer.

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I guess the question is can Chairman buy stock on the open market? As per Ja's ER in May, CEO said no he can not. But I wonder if its true, hence a "non-binding" offer instead of a biding one. Maybe, a pure speculation, non-binding part allows him to buy ADRs on the open market. If he can, it explains a two year delay and even lower "offer" to put ceiling on the share price. If he can't, why just not to put a binding offer. 

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