+ Watch CSUN
on My Watchlist
The Company is a manufacturer of solar cell products in China as measured by production capacity.
I am nicknaming this one, “Sucky McSuckerson.” Mostly due to the fact that it resides in and is doing business in China, sells solar panels / components AND has absolutely terrible financials. All of this wrapped into a giant doo doo sandwich. Solar may eventually recover from recent industry-wide losses, but I doubt this ever does. Debt continues to climb every single quarter. The most recent quarter is showing total debt at ($659MM). Frankly, this company cannot handle a debt load of this magnitude. Servicing the debt runs the company just about ($30MM). While this doesn’t seem atrocious on the surface, the problem I have is that the gross margins are so awfully thin here. There are many quarters where they are actually negative, and 2011 and 2012 actually saw gross margins go negative for the full year. It really doesn’t seem to matter how much they sell, gross margins always seem to come out either barely positive or barely negative. And don’t even get me started about their ridiculously high SG&A expenses. The company is also burning through cash at an astronomical rate. 2013 saw total free cash flow burn of just around ($154MM) (Operating Cash of $103MM plus Cap Ex of $41MM). For such a small company that’s not generating positive gross margins consistently, that’s a very high number. And with only $30MM in cash remaining, they better act quickly to shore up the balance sheet. Further, total equity has gone negative by ($58MM) in the most recent quarter. I am unsure what levers this company has to pull themselves out of the nosedive they seem to be in. If you are buying shares here, be careful. There’s lots more in the filings, but this seems like enough for me to give it the down thumb. I think this is worth just about $0.00 but apparently there are quite a few investors who disagree with me.
Good things come to those who wave.
Shorting on thesis that China banks will not save the solars.
one of my solar picks. Higher risk, but i believe the opportunity of the massive returns will outweigh risks.
While not the strongest player in the industry it is valued at about the cash on hand less debt.
Chinese solar stocks have been on the move and I think its time to buy.
Good P/E and EPS, improving revenue and profit margins. Also signing big new deals in China's Energy Markets.
Solar is picking up steam and this is a fairly cheap stock to make some good upside action
Picked from a screen that looks for stocks with low pe/roe ratios, positive price momentum and low p/bv ratios. The screen typically outperforms by 20% per year. No other due diligence performed.
The Chinese government is capable of long term foresight, and they surely realize that fossil fuel supplies will only be decreasing over the long term. CSUN will be a beneficiary of government policy, and the market for their product in China could be huge.
Alternative energy play. China has several solar companies. This one is on the cheap and at best is a risky play. Time will tell, and I think long is where this one will rise.
Solar Chinese company
all solar should outperform when economy recovers , bringing energy prices to higher grounds
Here comes the sun. The company said it expects margins to be "definitively" positive in the second quarter and sees it in the range of 15 percent to 20 percent for the second half of the year.
This is the future
Solar is going to boom again next year with oil prices going up.
Solar energy is the future. Wait until Obama is empowered as President.Chinese companies are very difficult not to make profits.
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