Cowen’s Stone Maintains Neutral Rating on China Sunergy (Nasdaq:CSUN)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/vXcy0k0s5G0/Posted on Wednesday, May 27th, 2009 | In Market Commentary, Small & Micro Cap
May 26, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on China Sunergy (Nasdaq:CSUN) this morning maintaining a NEUTRAL rating ahead of its Q1 financial results report. Stone said that ldquo;trading at 0.9x our Q1E book value, we see little downside in the shares, but maintain NEUTRAL based on tough compares and limited visibility.rdquo;
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling a loss per ADS of $0.30 on $36 million
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Assuming a 36% decline in ASP to $1.90 and sees GM of -16.7% based on remaining higher-cost inventory
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees more ASP pressure in Q1, modeling about 10-15% ASP erosion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; After high-cost inventory is consumed, thinks a rebound to modest profits in the second half
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating
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