December 23, 2009

Piper Jaffray Comments on Solar & Manufacturing Technologies Stocks. Raises PT's on YGE, TSL, CSIQ and JASO

December 23, 2009 7:00 AM EST

Piper Jaffray comments on Solar & Manufacturing Technologies Stocks. Raises estimates and PTs given 2010 Pull-ins from major markets.

Piper analyst says, "Based on our channel checks and recent tour through China we raise estimates and price targets for Yingli Green Energy (NYSE: YGE), Trina Solar (NYSE: TSL), and Canadian Solar (Nasdaq: CSIQ) noting our estimate increases for JA Solar (Nasdaq: JASO) last week. These four Chinese suppliers continue to win global share of a WW market poised for significant unit growth in 2010. More stable ASPs in 2010 and lower polysilicon costs are allowing sequential margin increases for the group to q2-q3.
We believe 30% gross margin is within reach. Currency may become less of a tailwind in 2010...We expect solid 2010 demand driven by pull-ins ahead of subsidy reductions in major European markets - Germany (mid 2010 reduction), Italy (YE2010), and Czech Republic...Leading Chinese OEMs use German equipment, German and European consumables, and German polysilicon; German installers are likely using German inverters. Overseas expansions of STP, YGE, and CSIQ into North America should also serve to quell protectionism from NA politicians."

YGE's price target increased from $17 to $19, JASO from $6 to $7, CSIQ from $25 to $35 and TSL from $53 to $65.

December 17, 2009

Trina Solar Announces the Inauguration of Europe's Largest Photovoltaic Rooftop System

CHANGZHOU, China, Dec. 17 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced the inauguration of the largest rooftop solar system in Europe with a capacity of 40MW.

The rooftop solar system was built for a global logistics service provider with headquarters in Antwerp, Belgium. The installation has been completed with solar modules supplied by Trina Solar under a previously announced sales agreement between the Company and Invictus NV ("Invictus"), a Belgian company, partner of the Benelux TEC Servicegroup. The solar system is expected to be fully operational by end 2009 and represents an investment of 166 million euro. The installation has a positive influence on the environment with a decrease of CO2 emissions of 17,000,000 kg and supplies the average annual consumption of energy for approximately 14,000 families.

"We are very pleased to partner with Invictus on the successful installation of the largest rooftop solar system in Europe," remarked Arturo Herrero, Vice-President of Special Key Accounts of Trina Solar. "We are delighted that Trina Solar's modules were selected for this landmark achievement by our customer Invictus, with whom we are working closely in Belgium as well as in other European countries as PV installations continue to expand in the region."

Jan Van der Henst, Chief Executive Officer of Invictus stated, "We are delighted to partner with Trina Solar to complete this significant project. Combined with Trina Solar's high quality premium performance modules and excellent customer service, the fulfillment of this project once again demonstrates the knowhow and experience of Invictus in the realization of mega projects in the field of photovoltaic installations."

Invictus hosted a one-day inauguration celebration onsite in Antwerp on December 5, 2009. The event was attended by the Belgian Minister-President, customers, suppliers and management members from Trina Solar.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline silicon ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com .

About Invictus NV

Invictus NV is a Benelux based green project development company specialized in photovoltaic installations. Invictus works closely together with the solar divisions of its partner TEC Servicegroup and evolved to a total solution provider for PV projects, enabling them to become a reliable partner on a long term base. For more information, please visit Invictus NV's company website at http://www.invictus.be .

TEC Servicegroup is a Benelux group in full expansion with the mission to provide full service solutions for technical building installations. The group has more than 800 employees.

December 10, 2009

Collins Stewart reiterates a 'Buy' on Trina Solar Ltd. (NYSE: TSL), raises price target to $56 from $51.

Collins analyst says, "Our 4Q09 EPS is raised to $1.29 from $1.02, putting us well above the $1.07 consensus. Similar changes to 1H10 drive our CY10 EPS to $4.50 from $3.65, with $0.74 of that revision coming from changes made to 1H10. The current demand surge in the solar market is driving TSL's margins and EPS to record levels. However, our forecast assumes margins revert to more normal levels in 2H10 as the market's supply and demand normalize. Modest changes to our CY11 assumptions drives EPS to $4.70 from $4.26...With CY09 coming to a close, we believe it is proper to base our PT on CY11 but at a lower P/E (12x vs. 14x in this case). Due to its leading cost structure among standard module vendors and strong balance sheet, TSL is our top investment recommendation among module vendors."

Source: streetinsider.com