Cowen’s Rob Stone Maintains Neutral on China Sunergy (Nasdaq:CSUN)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/Pb2IPVKQiUU/Posted on Friday, March 20th, 2009 | In Small & Micro Cap
March 20, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone maintained his NEUTRAL rating on China Sunergy (Nasdaq:CSUN) this morning, ldquo;based on tough comparables and limited visibility.rdquo; Financial ResultsYesterday, China Sunergy reported a 39.6% Y/Y increase in Q4 revenues to $43.2 million, on shipments of 14.1MW (production was 20.1MW) at $2.97 per watt, and a net loss of $26.7 million, or 0.42 per ADS. For the FY08, revenues increase Y/Y by 49.4% to $350.9 million, gross margin of 4.4%, and a net loss of $22.4 million, or $0.57 per ADS. Production for the year was 110MW of cells, and shipments were 107.2MW. nbsp;Blended ASP per watt for the year was $3.32. Management said while the first quarter hasnrsquo;t been encouraging for a near-term recovery, it expects an improvement over Q4. Stonersquo;s Takeawaysmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting FY09/10E revenue to $245M and $330M, with expected loss of $0.07/ADS and earnings of $0.58 per ADS respectively. Modeling shipments of 134MW and 215MW. Cutting ASPs to $2.04 and $1.80, modeling GM at 10.2% and 18.1% with Q1 at negative 14.8%. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Trading at 0.5x book value, sees little downside in stock and high-efficiency cells could be competitive advantage in oversupplied market.
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