seekingalpha.com/article/...provides-opportunity?source=nasdaq
es geht um die Sperrung der Auditors für 6 Monate durch die SEC: KPMG, Deloitte & Touche, PricewaterhouseCoopers and Ernst and Young,die sich geweigert haben ,die Unterlagen rauszurücken.
Und um die angebliche Kürzung des Ausbaulimits auf 10GW,wo man annimmt,dass eine 20%ige Überschreitung jederzeit drin sei.Jedenfalls ist das Resumee, bei 30$ sei Jinko ein Kauf
Jinko is heavily exposed to the rapidly growing Chinese market, which will still be the biggest market in the world, whatever the actual number turns out to be. This company is already solidly profitable and enjoys very healthy gross margins (22.3% in the last quarter).
It's a sign of market confidence that the company was able to raise some $67.8M by issuing 4.37M additional shares (or, more precisely, ADSs). The company had $218.7 million in cash and cash equivalents and restricted cash at the end of Q3 but a fairly substantial $874.27M in debt
Q3 figures
Net income (fully diluted, non-GAAP) was $16.9M, up from $8M in Q2 and a loss of $18.2M in Q3 2012
EPS (fully diluted, non-GAAP) was $1.36, or $0.72 (GAAP)
ASP was $0.63, up from $0.60 in Q2
Gross margin was 22.3%, up from 17.7% in Q2 and 5.8% in Q3 2012
Operating cash flow in the third quarter of 2013 was $127.5M that mainly is coming from accounts receivable reduced.
Capex was $70M for the quarter and capacity on the ingots, wafer, cell is 1.5 gigawatts and on the module is 1.8 gigawatts at the end of Q3
They announced to be on the lookout for distressed assets to add to capacity and that's indeed what they did in January, and quite substantial at that: "The manufacturing assets of Topoint include 500 MW capacity for silicon wafers, 500 MW for PV cells, and 100 MW for PV modules."
Their 2014 capacity is already contracted out for 50% (and this was mid November 2013)
The 72 cents really beat consensus analyst estimates by a large (60%) margin as the market only expected 45 cents in profit for the quarter and as you can see here, Jinko managed to beat analyst expectations with a wide margin the last three quarters. You can also see that this had a great effect on EPS expectations for this year, which have been raised from 49 cents to $2.15 in a response to Q3 figures and management discussion.
For Q4 2013, consensus estimate is for a 68 cents profit.
Guidance
For Q4, shipments of 500-530MW
FY 2013 1.7-1.8GW
Total operational solar PV projects at end of 2013 207-213MW
They see the ASP stable to mildly strengthening for the coming quarters.......
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