SOURCE: The Bedford Report

The Bedford Report

December 02, 2011 08:16 ET

JA Solar and MEMC Electronic Materials Weighed Down by Financing Concerns

The Bedford Report Provides Equity Research on JA Solar & MEMC Electronic Materials

NEW YORK, NY--(Marketwire - Dec 2, 2011) - After being beaten down for most of the year, North American and Chinese solar stocks skyrocketed this week. Auriga analyst Hari Chandra raised his outlook for several companies in the sector, arguing that Wednesday's move by major central banks to add liquidity to the global financial system could ease financing for solar projects. The Bedford Report examines the outlook for companies in the Solar Industry and provides investment research on JA Solar Holdings Co. Ltd. (NASDAQ: JASO) and MEMC Electronic Materials Inc. (NYSE: WFR). Access to the full company reports can be found at:

Solar companies have struggled for financing this year as a global panel glut sent prices down and hurt manufacturers' profits. The price of solar panels has dropped as much as 40 percent this year as several European markets trimmed subsidies, leaving the market with extra supplies and sending shares of most Chinese solar companies down more than 70 percent since 2010.

Reuters noted that financing for US solar projects has been bolstered by a tax credit program that is set to expire at the end of this year, "causing concern among some in the industry that financing will become even more limited."

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When reporting third quarter earnings, JA Solar said shipments will fall sequentially, and it wrote off inventory in response to falling prices. The company posted third quarter revenue of $388.0 million, a decrease of 31.6% year-over-year. JA Solar said it expects shipments of solar cells and modules of 310 megawatts to 330 megawatts in the fourth quarter, compared with 445 megawatts last quarter.

Last month MEMC Electronic Materials, the second largest US manufacturer of polysilicon, lowered its earnings outlook for the full year because of an oversupply of the material used in solar panels. MEMC has said prices for its solar wafers, made of polysilicon, fell "sharply" in the quarter.

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