Hanergy Solar WKN: A0RDSG Der Gewinner
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http://www.bloomberg.com/news/articles/2015-03-09/...nology-bnef-says
(Bloomberg) -- Hanergy Thin Film Power Group Ltd., the solar company whose market value has swollen to $36 billion, is working with “unproven” technology and has disclosed few details about the work that underpins its valuation, according to Bloomberg New Energy Finance.
In a six-page examination of the Hong Kong manufacturer’s operations, the London-based researcher said it’s been unable to find a detailed list of solar-power projects that would help explain why the company’s shares have risen fivefold in the past year.
“The main items of value for Hanergy Thin Film are the thin-film technologies, which are unproven in large-scale commercial production, and the project development pipeline in China,” Jenny Chase, lead solar analyst for BNEF, wrote in the note published Friday. “China is a large PV market. Hanergy Thin Film has disclosed very little about its participation in that.”
E-mails seeking comment on the BNEF report and sent to Hanergy Thin Film’s investor relations department and to PR ASIA Consultants Ltd., the outside public relations company handling media questions for the solar maker, weren’t immediately answered.
The BNEF remarks add to questions about Hanergy’s valuation. It’s now the largest solar company by market value, with a capitalization exceeding Japan’s Sony Corp. and the social media company Twitter Inc.
Charles Yonts, an analyst at CLSA Ltd., has said Hanergy’s value is “completely out of line with the sector,” and the Financial Times in January raised questions about the company’s accounting practices.
Billionaire Founder
The surge of Hanergy’s shares made a billionaire of its founder, Li Hejun, who brushed aside concerns about the company’s valuation when approached at a meeting in Beijing on Friday. Hanergy, he said, “will thoroughly overturn the application measure of traditional energy.”
Founded in 1994, Hanergy began as an operator of hydroelectric power plants before turning to thin-film solar in 2009. It operates in a niche in the photovoltaic industry, which mostly uses a different technology based on crystalline silicon.
Chase quoted exchanges with Allen Chen, Hanergy’s senior vice president of brand management, noting that part of the increase in the share price is due to the transfer of convertible bonds into equity capital. Chen also said Hanergy Thin Film has a “deep pool” of investors from China channeling cash through the Shanghai market, according to the note.
Hanergy has “a few disclosed projects” under China’s Golden Sun program to support solar energy, “but a comprehensive list of Hanergy’s pipeline is not available,” Chase said.
Solar Car
She also called into question the company’s assertion that it can develop a solar-powered car that drives 80 kilometers to 100 kilometers (50 miles to 62 miles) on a four-hour charge.
“This looks quite ambitious,” Chase wrote. Assuming the panels have 20 percent efficiency, that would translate to about 1.2 kilowatts of photovoltaic power, while current electric cars use about 16 to 20 kilowatt-hours per 100 kilometers. “Presumably, the cars will be super-lightweight single-person vehicles rather than direct replacements for existing models.”
To contact the reporter on this story: Reed Landberg in London at landberg@bloomberg.net
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Iain Wilson
http://www.bloomberg.com/news/articles/2015-03-09/...nology-bnef-says
... Allen Chen, Hanergy Senior Vice President der Markenführung stellt fest, dass ein Teil der Erhöhung des Aktienkurses aufgrund der Übertragung von Wandelschuldverschreibungen in Eigenkapital ist. Chen sagte auch, Hanergy Thin Film hat einen "breiten Pool" von Investoren aus China mit Bargeld durch den Shanghai Markt ...
Geldbeschaffung scheint also für Hanergy nicht das Problem. Wäre sehr verbindlich, wenn sie mit ihren Projekten/ihrer Kundschaft prahlen würden.
Dagegen merkwürdiges Gezock in D. Größere Umsätze nach dem Mittag, darauf gut Prozente abgegeben, dann durch Krümelumsätze flott wieder hoch.
Merkwürdig bei so überschaubaren Umsätzen.
Da muss nur einer fett Abladen wollen, wenn gerade keine Käufer da sind. Und da gab es seit Wochen sehr wenige. Und nach derlei Anstieg überlegen diese, wie hoch es wann weiter gehen könnte und wohl eher zaghaft.
Antworten erhofften sich die Journalisten bei der ersten Pressekonferenz des neuen Umweltministers Chen Jiming. Ende Februar war der 51-jährige ehemalige Präsident der Elite-Universität Tsinghua zum Umweltminister berufen worden. Er sollte dem schwachen Ministerium mehr Einfluss verleihen. "Wir sind mit einem in der Menschheitsgeschichte noch nie dagewesenen Konflikt zwischen Entwicklung und Umweltschutz konfrontiert", sagte Jiming vor vollbesetztem Saal. "Chinas Umweltprobleme können nicht über Nacht gelöst werden, unsere Erwartungen dürfen nicht zu hoch sein. Aber wir dürfen nicht nachlassen, nicht faul oder passiv sein."
BNEF adds voice to questions about Hanergy's value
09. March 2015 | Market & Trends, Industry & Suppliers | By: Jonathan Gifford
Analysts at Bloomberg Clean Energy Finance (BNEF) are the latest to question the basis for Hanergy Thin Film Power Group's (Hanergy TF) towering market value. With shares in the company now worth $36 billion, BNEF has observed that its technology is unproven and details as to its projects scant.
Hanergy HQ
Hanergy has made a splash with acquisitions, this BIPV array at its headquarters, and product placement in Holywood films, but questions continue to be raised.
Hanergy Holding Group Ltd
BNEF has produced a six-page report in which it questions the value underpinning Hanergy TF’s stellar stock performance. BNEF says that it has been, “unable to find a detailed list of solar power projects that would help explain why the company’s shares have risen fivefold in the past year.”
In a second blow to Hanergy, BNEF also describes the company’s suite of thin film technologies as being “unproven in large-scale commercial production.” Hanergy’s PV technology, large amorphous silicon variants and different stains for CIGS, has also not been deployed at volume in China.
Hanergy has acquired a number of failed CIGS producers including MiaSolé and Global Solar from the U.S. and German/Swedish operation Solibro. It has been developing amorphous technology with its former tool supplier Apollo since its entry into the thin film solar segment 2009.
BNEF notes that Hanergy is the world’s largest solar company by market value, surpassing non-solar stocks Sony Corp. and Twitter Inc.
BNEF’s Jenny Chase said that Hanergy TF has disclosed some projects under China’s Golden Sun program, “but a comprehensive list of Hanergy’s pipeline is not available.” BNEF has asked Hanergy for more details.
Solar mobility
Hanergy has proven astute at catching headlines, with partnerships with Aston Martin motor racing to promote its technology. BNEF notes though that Hanergy’s plan to develop a solar-powered car is “quite ambitious.” Hanergy TF hopes to develop a car able to drive 80 kilometers to 100 kilometers (50 miles to 62 miles) after charging for four hours.
BNEF reports that even with PV cells with 20% efficiency, the cars would have to be highly unconventional vehicles to pull off such performance.
“Presumably, the cars will be super-lightweight single-person vehicles rather than direct replacements for existing models,” said Chase.
BNEF noted the criticisms Hanergy TF has attracted from analysts at CLSA and the negative coverage that the Financial Times has run regarding Hanergy’s accounting practices and its accessing of high cost finance.
Somes CIGS details
Hanergy TF has recently revealed some detail into its recent Master Supply agreement. Last Friday Hanergy TF concluded an agreement to supply 70 MW of flexible CIGS modules each year until 2017, presumably using either its acquired Global Solar or MiaSolé technology, to Hanergy Group.
Related News:
Doubts linger as to Hanergy's stellar stock price 03.03.2015
Hanergy accessing 8.5-11.5% finance 18.02.2015
Singulus begins production on CIGS tool order 09.02.2015
Hanergy unveils thin-film mobile energy vision 05.02.2015
Hanergy to add 300 MW of flexible CIGS capacity in China 15.12.2014
Read more: http://www.pv-magazine.com/news/details/beitrag/...516/#ixzz3TuIcJAAI
Hanergy Thin Aktie & Unternehmen
Branche Solarenergie
Herkunft China
Website www.hanergy.com/en/
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