Sky Solar Holdings (NASDAQ:SKYS)

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Top SKYS Bull/Bear Pitches

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jed71 (99.85)
Submitted February 13, 2017

You can count me as one of those people who has never been a big fan of solar. Mix it with a Chinese firm as is the case here, and I can almost guarantee you I’ll hate it. The low overall efficiency, high cost for project implementation, and massive… More

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Recent Community Commentary

Read the most recent pitches from players about SKYS.

Recs

0
Member Avatar RRobertsmith (< 20) Submitted: 6/27/2017 7:12:11 PM : Underperform Start Price: $1.94 SKYS Score: +34.54

I am not liking this "caps" system since I would add to my short position on this little run up today june 27th 2017.

Recs

0
Member Avatar adamicius (< 20) Submitted: 3/29/2017 2:07:28 PM : Outperform Start Price: $2.01 SKYS Score: -37.68

solar parks owner/operator. not the most solid of companies, but i expected to get lifted with other solar stocks when their time comes, hopefully within a year or so.

Recs

4
Member Avatar jed71 (99.85) Submitted: 2/13/2017 1:06:24 PM : Underperform Start Price: $2.22 SKYS Score: +45.98

You can count me as one of those people who has never been a big fan of solar. Mix it with a Chinese firm as is the case here, and I can almost guarantee you I’ll hate it. The low overall efficiency, high cost for project implementation, and massive in-the-ground resources of other energy sources has always made this industry a nonstarter for me. Add to that the large number of stock promoters who frequent this industry, and I just don’t have much positive to say about solar in the current environment. This will probably change in a big way in the coming few decades, but as of right now, I’ll continue to hold a negative opinion of the industry.

I am not seeing any outright misstatements on their financial statements but there are several big items give me pause here. The first item is the ADR’s are registered as a Cayman Island “Exempted” company. The company itself is headquartered in Hong Kong, but the shares issued on the US market are registered so that the company does not have to fulfill the rigorous standards of a US company. This means they are not responsible for items such as:

“(i) an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;
(ii) an exempted company's register of members is not required to be open to inspection;
(iii) an exempted company does not have to hold an annual general meeting;
(iv) an exempted company may issue no par value, negotiable or bearer shares; an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);
(v) an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;”

Many legitimate and good companies do business in the Caymans, so a Cayman registration alone does not indicate deeper systemic issues. But coupled with a few other items, I think this is a very good company to avoid. To wit:

“Our board of directors has the authority, without shareholder approval, to issue an unlimited number of preferred shares in one or more series. Our board of directors may establish the number of shares to be included in each such series and may set the designations, powers, preferences and relative, participating, optional and other rights, if any, of the series of preferred shares. Accordingly, our board of directors is empowered, without shareholder approval, to issue preferred shares with dividend, liquidation, conversion, redemption, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares.”

Well, that’s scary. Essentially, the board can override your common shareholder rights with a simple meeting and issuance of new preferred shares. This company also has a significant portion of debt. The latest total I am seeing is just shy of $123MM in total debt, and it seems to have climbed steadily for the past few years. A closer read of the latest prospectus shows this debt is secured by many of their real assets. Considering shares were issued at higher prices than today’s current value just a few years ago, it doesn’t seem this has been the wisest investment for most long-term shareholders (the original IPO price was $8 a share in 2014). In addition, their legal entity structure is super complex, as is the case with many Chinese firms. There’s a dozen other small things that give me pause but it doesn’t seem worthwhile to list them all. If you’re simply trading here, this might be a great one to take risks on, but for me personally, I just don’t see much value here over the long term.

Leaderboard

Find the members with the highest scoring picks in SKYS.

Score Leader

Fox660Player

Fox660Player (99.93) Score: +51.43

The Score Leader is the player with the highest score across all their picks in SKYS.

Top
Pick
Member Name Member
Rating
Start
Date
Call Time
Frame
Start
Price
Stock
Gain
Index
Gain
Score Commentary
JoeySolitro1 99.99 2/13/2017 Underperform 5Y $2.27 -35.69% +11.57% +47.25 0 Comment
jed71 99.85 2/13/2017 Underperform 5Y $2.22 -34.23% +11.75% +45.98 1 Comment
FoolTheRest 99.93 2/16/2017 Underperform 5Y $2.22 -34.23% +10.55% +44.79 0 Comment
This player feels very strongly about this pick and has marked it a Top Pick. Top Picks do not affect a player’s score. RRobertsmith < 20 3/8/2017 9/7/2017 Underperform 1Y $1.94 -24.74% +9.80% +34.54 1 Comment
adamicius < 20 3/29/2017 Outperform 5Y $2.01 -27.36% +10.31% -37.68 2 Comments
streetlight86 < 20 2/10/2017 Outperform 5Y $2.30 -36.52% +12.21% -48.73 0 Comment

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