und nicht eingehalten,stattdessen habe sich die Aktienzahl erhöht,der Verfasser empfiehlt lieber JKS oder CSIQ zu kaufen
JA Solar Reports A Solid Quarter
seekingalpha.com/article/...5-ja-solar-reports-a-solid-quarter
Summary
JA Solar reported solid Q3 earnings, beating both top line and bottom line estimates. .
The company has successfully transformed from manufacturing solely solar cells to manufacturing predominantly higher margin solar modules.
Japan, which accounted for 36% of shipments, could be a weakness going forward as a falling Yen lowers margins.
.....With cash per share of $6.90 and a forward PE of under 6, JA Solar is undervalued. Being undervalued does not necessarily make the stock a buy, however, as the stock has almost always traded at a low PE valuation over the past 5 years:
For the quarter, management announced a $90 million buyback, which if executed, would theoretically remove 22% of the float and increase JA Solar's valuation.
The problem, however, is that the market doesn't believe management will actually buy any shares back. This is because JA Solar proposed stock buybacks of $100 million in 2012 and $75 million in 2009, and JA Solar's shares outstanding actually increased over those years
Management needs to walk the walk rather than just talk the talk. The shares outstanding needs to actually come down significantly to make JA Solar a buy.
Otherwise, given JA Solar's dependence on Japan and the depreciating Yen, it is better to buy more diversified leaders like JinkoSolar (NYSE:JKS) or Canadian Solar (NASDAQ:CSIQ) that are trading around similar forward PE ratios instead.