Award-winning Financial Journalist

Ashish Saxena

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/686" target="_blank" data-smartkarma-citation="entities:686:1">Trina Solar Limited</a> would adjourn the extraordinary general meeting in the event that there are insufficient proxies received to pass the special resolution relating to the privatisation offer made by its Chairman Jifan Gao.For the offer to sail through, the special resolution requires an affirmative vote of such shareholders representing two-thirds or more of the shares (including shares represented by American Depository Shares) present and voting in person or by proxy as a single class at the EGM.Mr Gao, with about 5.5% stake, has undertaken to vote in favor at the EGM.Assuming all remaining shareholders will be present and voting in person or by proxy at the EGM, at least 61.2% of the total outstanding shares must be voted in favor of the resolution.Franklin Resources, Inc is the largest public shareholder with a 14.8% stake, followed by Platinum Investment Management Limited with a 12.9% stake and Oaktree Funds with a 5.8% stake.Put together, all three investors have the strength to block the passage of a resolution at the EGM and can squeeze out a better deal from the consortium led by Mr Gao.Now, that brings the focus on the attractiveness of the offer.

Trina Solar Limited would adjourn the extraordinary general meeting in the event that there are insufficient proxies received to pass the special resolution relating to the privatisation offer made by its Chairman Jifan Gao.For the offer to sail through, the special resolution requires an affirmative vote of such shareholders representing two-thirds or more of the shares (including shares represented by American Depository Shares) present and voting in person or by proxy as a single class at the EGM.Mr Gao, with about 5.5% stake, has undertaken to vote in favor at the EGM.Assuming all remaining shareholders will be present and voting in person or by proxy at the EGM, at least 61.2% of the total outstanding shares must be voted in favor of the resolution.Franklin Resources, Inc is the largest public shareholder with a 14.8% stake, followed by Platinum Investment Management Limited with a 12.9% stake and Oaktree Funds with a 5.8% stake.Put together, all three investors have the strength to block the passage of a resolution at the EGM and can squeeze out a better deal from the consortium led by Mr Gao.Now, that brings the focus on the attractiveness of the offer.

Trina Solar: Top 3 Shareholders Hold the Key to a Successful Privatisation

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker <a href="https://www.smartkarma.com/entities/4507" target="_blank" data-smartkarma-citation="entities:4507">Gigasolar Materials Corp</a> ('GSM', 3691:TT) has endured a difficult six months.First there were concerns about the scale of Chinese solar feed-in-tariff (FIT) reductions later this year, which could potentially hurt medium-term Chinese solar demand. Next, an industrial accident at a Japanese supplier of raw materials in early January led to fears of reduced sales of silver paste for GSM. We believe both of these issues have been adequately resolved, and that slower Sales and earnings momentum in 2016 has been priced in as GSM's shares fell from NT$750 on December 21st to as low as NT$449 earlier this month.We now view GSM as an inexpensive play on the rising adoption of solar energy. Investors should seek to accumulate shares below NT$480 per share on the expectation of a bottoming of Sales growth in H2 2016e and improved earnings growth in 2017e. Our price target is NT$660, based on 15x 2017e EPS.

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker Gigasolar Materials Corp ('GSM', 3691:TT) has endured a difficult six months.First there were concerns about the scale of Chinese solar feed-in-tariff (FIT) reductions later this year, which could potentially hurt medium-term Chinese solar demand. Next, an industrial accident at a Japanese supplier of raw materials in early January led to fears of reduced sales of silver paste for GSM. We believe both of these issues have been adequately resolved, and that slower Sales and earnings momentum in 2016 has been priced in as GSM's shares fell from NT$750 on December 21st to as low as NT$449 earlier this month.We now view GSM as an inexpensive play on the rising adoption of solar energy. Investors should seek to accumulate shares below NT$480 per share on the expectation of a bottoming of Sales growth in H2 2016e and improved earnings growth in 2017e. Our price target is NT$660, based on 15x 2017e EPS. 

Accumulate Giga Solar Materials Below NT$480; Inexpensive Play on Solar Growth

China

Trina Solar Limited manufactures solar power products. The Company offers photovoltaic wafers, ingots, cells, and modules. Trina Solar serves residential, commercial, industrial, and other industries worldwide.

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Trina Solar (TSL US)

Trina Solar: Top 3 Shareholders Hold the Key to a Successful Privatisation

Trina Solar Limited would adjourn the extraordinary general meeting in the event that there are insufficient proxies received to pass the special...

Ashish Saxena

Accumulate Giga Solar Materials Below NT$480; Inexpensive Play on Solar Growth

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker Gigasolar Materials Corp ('GSM', 3691:TT) has endured a...

Daniel Hellberg

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52-week Range

Market Cap (USDm)

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