After reviewing our financial forecasts, we have increased our Yingli YGE fair value estimate to $2.50 per ADR from $1.25. Despite the large increase to our valuation, we continue to believe Yingli
fundamentals are about to get better. Our fair value estimates and moat ratings of the rest of the space are unchanged, including $0 to our fair value estimates for Suntech STP, LDK Solar LDK, Renewable Energy Corp. REC, and Yingli YGE .
wipes out their equity base in order to restructure their balance sheets. But we also believe cost leader Yingli Green Energy YGE also has also reached the point where its bloated debt burden has effectively smothered out the value of its equity. For each
We are placing Yingli Green Energy YGE under review while we reassess our assumptions.
kilogram, which provide huge benefits to the firm's main Chinese competitors. Further, Chinese firms like Trina TSL and Yingli YGE have reduced nonsilicon costs quickly in recent quarters. If these cost improvements were sustainable, First Solar's future
terms of increasing its competitive position relative to its historically more profitable peers such as Trina TSL and Yingli YGE . Though this will provide little solace in the current environment, this cost cutting--nonsilicon production cost reductions
Similar to First Solar FSLR, Yingli's YGE position as an industry leader is providing little solace as solar continues to be hurt by supply/demand imbalances and falling
Yingli YGE remains one the leading Chinese solar companies, but this provides little solace when the entire industry is being decimated by
to its competitive cost structure, which continues to converge with the leading Chinese players such as Trina TSL and Yingli YGE . Even more important is JA's solid balance sheet, which will allow it to weather the storms ahead better than its domestic
competitors. For the first quarter in ages, Suntech logged a better gross margin (13.3%) than Trina TSL (10.8%) and Yingli YGE (recently revised guidance is for 10%-11%). These two competitors are viewed widely as the top Chinese solar companies