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Smartkarma Daily Briefs

May 29
0

Daily Brief Financials: China Overseas Land & Investment and more

By | Daily Briefs, Financials

In today’s briefing:

  • COLI 688 HK – Value Emerging, the Only Pure Play in China Prop to Gain Mkt Share and Back to Growth

COLI 688 HK – Value Emerging, the Only Pure Play in China Prop to Gain Mkt Share and Back to Growth

By Jacob Cheng

  • In this insight, we explore the investment thesis and major share price drivers for 688 HK
  • COLI saw share price weakness, and is trading at 0.46x P/B.  Potential risks are 1) fail to meet 20% growth target 2) slower than expected land acquisition
  • We see value emerging from the stock, and recommend BUY as long as the stock trades below HKD20 (as a technical indicator)

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May 28
0

Daily Brief United States: Church & Dwight Co, Cloudflare , Fidelity National Info Serv, First Solar Inc, International Paper Co, Rockwell Automation, Sirius Xm Holdings, Snap Inc, Textron Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Church & Dwight Co: Capacity Expansion Update & Other Drivers
  • Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers
  • Fidelity National Information Services Inc.: Is The Recurring Revenue Growth in Banking and Capital Markets Here To Stay? – Key Drivers
  • First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers
  • International Paper Company: How Long Will The Struggles Continue? – Key Drivers
  • Rockwell Automation: The Strategic Partnership with Autonox Robotics Could Be A Game Changer – Key Drivers
  • Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments
  • Snap Inc.: Acquisition Of Th3rd For 3D Scanning Capabilities & Other Drivers
  • Textron Inc.: Major Contracts With The U.S

Church & Dwight Co: Capacity Expansion Update & Other Drivers

By Baptista Research

  • Church & Dwight had a particularly robust Q1 as the company reported solid revenue growth of 10.2% and an all-around beat.
  • The management exceeded its Q1 outlook with organic sales increasing by 5.7%, driven by more robust performance across multiple brands, including Hero, THERABREATH, ARM & HAMMER laundry, and ARM & HAMMER litter.
  • With encouraging signs such as flat volume growth after a series of declines, the company’s team anticipates volume growth throughout the year.

Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers

By Baptista Research

  • Q1 was a challenging quarter for Cloudflare as the company failed to meet the revenue expectations of Wall Street as a result of various the headwinds.
  • However, macroeconomic uncertainty lengthened sales cycles and affected close rates, resulting in a back-end weighted quarter.
  • Despite these challenges, Cloudflare remains resilient and profitable, with an operating profit of $19.4 million and generating $13.9 million of free cash flow.

Fidelity National Information Services Inc.: Is The Recurring Revenue Growth in Banking and Capital Markets Here To Stay? – Key Drivers

By Baptista Research

  • Fidelity National Info (FIS) had a successful start to 2023, surpassing Wall Street expectations in terms of revenues as well as earnings.
  • FIS experienced significant recurring revenue growth in their banking and capital markets businesses and impressive organic growth in their e-commerce segment.
  • We give Fidelity National Information Services a ‘Buy’ rating with a revised target price.

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

By Baptista Research

  • First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
  • With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.
  • The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.

International Paper Company: How Long Will The Struggles Continue? – Key Drivers

By Baptista Research

  • International Paper had a challenging start to 2023 as its revenue was slightly down though still above analyst expectations.
  • International Paper reported $65 million of year-over-year incremental earnings benefits from building better IP initiatives, but lower prices across their portfolio and weaker demand impacted margins.
  • Despite these challenges, International Paper remained focused on their key priorities of taking care of employees, customers and maximizing shareholder value.

Rockwell Automation: The Strategic Partnership with Autonox Robotics Could Be A Game Changer – Key Drivers

By Baptista Research

  • It was a successful second quarter for Rockwell Automation, as the company outperformed market expectations in terms of both sales and earnings.
  • The company’s strong execution, focus on business resiliency, and improved electronic component availability contributed to double-digit sales and margin growth.
  • Despite the uncertain economic environment, Rockwell Automation’s differentiated offerings continued to experience robust demand, with organic sales surpassing expectations.

Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments

By Baptista Research

  • Sirius XM had a bad quarter and they failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
  • Their launch of @SIRIUSXMSPORTS also enhances their social media presence and helps them to remain connected with subscribers and reach new audiences on Instagram.
  • We give Sirius XM Holdings a ‘Hold’ rating with a revised target price.

Snap Inc.: Acquisition Of Th3rd For 3D Scanning Capabilities & Other Drivers

By Baptista Research

  • It was a challenging yet promising quarter for Snap as it failed to meet the revenue expectations of Wall Street but surprisingly managed to deliver a positive bottom-line.
  • Despite a 7% year-over-year decrease in revenue, the company reached 383 million daily active users in Q1 and showcased the community’s continued growth.
  • Snap introduced My AI, an AI-powered chatbot, and unveiled new features at the Snap Partner Summit, emphasizing their commitment to innovation.

Textron Inc.: Major Contracts With The U.S

By Baptista Research

  • It was a mixed first quarter for Textron as the company failed to meet the revenue expectations of Wall Street given the lower revenues observed at Bell.
  • Despite the Aviation, Industrial, and Systems segments offsetting the decline, Textron’s revenues were below expectations though it did manage an earnings beat.
  • Textron Aviation received an initial award on the US Navy Multi-engine Training System contract, and fleet utilization remained strong, contributing to aftermarket revenue growth.

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May 28
0

Daily Brief Japan: Rakuten, Japan Post Holdings, Kurita Water Industries, Toyo Construction and more

By | Daily Briefs, Japan

In today’s briefing:

  • ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT
  • Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post
  • Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Toyo Construction, Silk Laser, Sing Tao, GK Goh Holdings

ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • In the IPO space, HK market sentiment is likely to be put to test again with the upcoming listing for Growatt Technology.
  • The REIT were once again at the front lines this week for placements, while Rakuten (4755 JP) has so far been holding up.

Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post

By David Blennerhassett

Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues

By Aki Matsumoto

  • Companies were occupied with meeting the raised standards, and there was little substantive discussion of how corporate governance should be implemented to achieve the corporation’s goal of maximizing shareholder interests.
  • A few companies have made steady progress, but we cannot expect corporate governance initiatives to go further than they are now if left to the efforts of well-intentioned companies.
  • Unless the benchmark is changed from TOPIX to another index with a smaller number of components, it will be nearly impossible to find a satisfactory engagement for a passive fund.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toyo Construction, Silk Laser, Sing Tao, GK Goh Holdings

By David Blennerhassett

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May 28
0

Daily Brief India: Rajshree Polypack and more

By | Daily Briefs, India

In today’s briefing:

  • RPPL: Q4 Weaker than Expected But On Track for Strong Earnings Growth Through FY25

RPPL: Q4 Weaker than Expected But On Track for Strong Earnings Growth Through FY25

By Ankit Agrawal, CFA

  • Rajshree Polypack’s (RPPL’s) Q4FY23 came in weaker than expected on both the sales volume and the margins front. Higher depreciation and interest costs led by capex further dampened the profitability.
  • However, RPPL is executing well on its revenue growth targets led by regular capex led investments. It is on track to do INR 450cr revenues by FY25.
  • RPPL has potential to post a PAT of INR 30cr+ by FY25, suggesting that RPPL is available at around 6x P/E on a base of FY25E PAT.

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May 28
0

Daily Brief China: AVIC (Chengdu) UAS Co Ltd, Anhui Conch Cement, CRRC Corp Ltd A, China Merchants Energy A, Ovctek China Inc, JD Industrials and more

By | China, Daily Briefs

In today’s briefing:

  • STAR50 Index Rebalance: Two Changes in June (As Expected)
  • SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains
  • SSE180 Index Rebalance: Small Impact but Not Widely Tracked
  • CSI300 Index Rebalance: 9 Changes as Discretion Used
  • China Healthcare Weekly (May.26)- 9th National VBP, China’s Strength in ADC Field, Ovctek, Eyebright
  • JD Industrials IPO: The Bull Case

STAR50 Index Rebalance: Two Changes in June (As Expected)

By Brian Freitas

  • The index committee has used a 6-month minimum listing history and that results in two changes. This is the first rebalance with less than 5 changes at a review.
  • One way turnover is estimated at 1.03% and will result in a one-way trade of CNY 1,025m. Given the adds are new listings, there will be some reverse funding flow.
  • There appears to be little pre-positioning on the adds while there is a bigger buildup on the deletes.

SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains

By Brian Freitas

  • There are 5 changes for the SSE50 Index that will be implemented at the close on 9 June. There is over 1x ADV to sell on a few deletions.
  • We estimate a one-way turnover of 5.3% at the June rebalance leading to a one-way trade of CNY 3.84bn. Index arb activity could add to the impact on the stocks.
  • The adds outperformed the deletes from February to April but have given up a lot of the outperformance over the last month.

SSE180 Index Rebalance: Small Impact but Not Widely Tracked

By Brian Freitas

  • There are 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.
  • The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.
  • With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.

CSI300 Index Rebalance: 9 Changes as Discretion Used

By Brian Freitas

  • There are 9 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) at the upcoming rebalance that will be implemented at the close of trading on 9 June.
  • While nearly all the changes are in line with forecasts, there are some stocks that have not been added or deleted as the index committee has used discretion.
  • The Energy sector is the biggest gainer in terms of index spots, while the Consumer Discretionary and Health Care sectors lose two index spots each.

China Healthcare Weekly (May.26)- 9th National VBP, China’s Strength in ADC Field, Ovctek, Eyebright

By Xinyao (Criss) Wang

  • The 9th national VBP is drawing near. As all drugs under national/provincial VBP are scheduled to be executed before 2025/12/31, there should be new policies in 2026 and beyond.
  • The capabilities of Chinese pharmaceutical companies in ADC field have at least stepped onto a platform to compete with international giants, which is clearly more progressive than during PD-1 era.
  • We analyzed key points of Ovctek. Its investment logic has changed and centralized procurement will break investors’ expectations for Ovctek’s future performance growth. Valuation may continue to be under pressure.

JD Industrials IPO: The Bull Case

By Arun George

  • JD Industrials (2231713D CH)/JDI, a leading industrial supply chain technology and service provider in China, has filed for a US$1bn IPO. JD.com Inc (ADR) (JD US) owns a 77.95% stake.
  • JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2022, according to CIC.
  • The key elements of the bull case rest on large addressable markets, market share gains, robust product revenue growth underpinned by key accounts, improving underlying margin and strong cash generation.

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May 28
0

Most Read: Kum Yang, Youlchon Chemical, Canon Inc, Advantest Corp, AVIC (Chengdu) UAS Co Ltd, Eoflow, Anhui Conch Cement, CRRC Corp Ltd A, China Merchants Energy A and more

By | Daily Briefs, Most Read

In today’s briefing:

  • KOSPI200 Index Rebalance: Two Sets of Changes
  • KOSPI200 Ad Hoc Index Rebalance: Youlchon Chem to Replace Dongkuk Steel Mill
  • Canon Buyback – 18th in a Row at the Same Size, But This Time With a Running Head Start
  • Advantest (6857) | Key Beneficiary of AI Tailwinds
  • STAR50 Index Rebalance: Two Changes in June (As Expected)
  • EOFlow Tender Offer: Preconditions for Closure, Cancellation Risk, & Targetable Allocation
  • SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains
  • Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD
  • SSE180 Index Rebalance: Small Impact but Not Widely Tracked
  • CSI300 Index Rebalance: 9 Changes as Discretion Used

KOSPI200 Index Rebalance: Two Sets of Changes

By Brian Freitas

KOSPI200 Ad Hoc Index Rebalance: Youlchon Chem to Replace Dongkuk Steel Mill

By Brian Freitas

Canon Buyback – 18th in a Row at the Same Size, But This Time With a Running Head Start

By Travis Lundy

  • Canon has conducted 18 buybacks in the last 15 years. Every single one has been the same size. And the parameter-setting and how they are executed is… particular.
  • For those with Canon to execute, using the information about patterns may be helpful. 
  • For those interested in a trade, there may be one here.

Advantest (6857) | Key Beneficiary of AI Tailwinds

By Mark Chadwick

  • Advantest is a market leader in semiconductor testing and will be a major beneficiary of a multi-year AI tailwind
  • Catalyst: News flow around new AI applications, increased investment dollars flowing into the space and visible acceleration in Nvidia’s data centre GPU growth
  • Market concern over near-term correction in semiconductor market is giving investors an opportunity to buy Advantest at a 15% discount to its intrinsic value

STAR50 Index Rebalance: Two Changes in June (As Expected)

By Brian Freitas

  • The index committee has used a 6-month minimum listing history and that results in two changes. This is the first rebalance with less than 5 changes at a review.
  • One way turnover is estimated at 1.03% and will result in a one-way trade of CNY 1,025m. Given the adds are new listings, there will be some reverse funding flow.
  • There appears to be little pre-positioning on the adds while there is a bigger buildup on the deletes.

EOFlow Tender Offer: Preconditions for Closure, Cancellation Risk, & Targetable Allocation

By Sanghyun Park

  • The likelihood of the merger review not being approved appears to be low. Additionally, the purchase of only 3.8M additional shares is required, leading to a negligible cancellation risk.
  • It is particularly noteworthy that the offering price of ₩30,000, targeting minority shareholders, may be adjusted upward depending on future share price increases.
  • While there is a potential allocation risk, as Medtronic aims to delist the company, they are unlikely to lower the target quantity in the tender offer to a risky level.

SSE50 Index Rebalance: 5 Changes as Adds Give Up Recent Gains

By Brian Freitas

  • There are 5 changes for the SSE50 Index that will be implemented at the close on 9 June. There is over 1x ADV to sell on a few deletions.
  • We estimate a one-way turnover of 5.3% at the June rebalance leading to a one-way trade of CNY 3.84bn. Index arb activity could add to the impact on the stocks.
  • The adds outperformed the deletes from February to April but have given up a lot of the outperformance over the last month.

Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD

By Mark Chadwick

  • It was a relatively quiet week for the broader index. However, there was a big sector shift towards tech and AI winners.
  • Japanese Heavy Equipment makers have technologies that will be in demand for decades. KHI trades below book. 
  • As we head into AGM season, we take a look at interesting activist campaigns. 

SSE180 Index Rebalance: Small Impact but Not Widely Tracked

By Brian Freitas

  • There are 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.
  • The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.
  • With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.

CSI300 Index Rebalance: 9 Changes as Discretion Used

By Brian Freitas

  • There are 9 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) at the upcoming rebalance that will be implemented at the close of trading on 9 June.
  • While nearly all the changes are in line with forecasts, there are some stocks that have not been added or deleted as the index committee has used discretion.
  • The Energy sector is the biggest gainer in terms of index spots, while the Consumer Discretionary and Health Care sectors lose two index spots each.

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May 28
0

Daily Brief Quantitative Analysis: A-H Premium Weekly (May 26th): Shandong Gold and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • A-H Premium Weekly (May 26th): Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng

A-H Premium Weekly (May 26th): Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.6% as of May 26th.
  • The average A-H premium changed by 2.3ppt week on week, led by information technology, utilities, consumer discretionary and offset by financials.
  • We highlight weekly changes in A-H premium for Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng, CSSC Offshore, Shanghai Fudan, China Life, Flat Glass, CCCC.

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May 28
0

Daily Brief Thematic (Sector/Industry): Weekly Stock Bullfinder – Week of 5/29 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Weekly Stock Bullfinder – Week of 5/29

Weekly Stock Bullfinder – Week of 5/29

By Weekly Stock Bull Finder

  • Semiconductors- “Big Money” Rabid Buying Spree Continues NVIDIA’s (NVDA) and Marvell’s (MRVL) earnings calls and forward guidance delivered this week resulted in earthquake shock re-rating to all things semiconductors on Thursday and Friday.
  • On Thursday, NVIDIA’s $198B market cap gain was the largest market cap gain in market history.
  • In the first quarter of this year, Microsoft gave clues that artificial intelligence would emerge as the next great computing platform and then this quarter it appears that Wall St. has woken up to the degree of significant data center retooling and infrastructure spending which will be required to support emerging artificial intelligence computing demand.

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May 28
0

Daily Brief ESG: Revision of the Corporate Governance Code Requires Substantive Discussion and more

By | Daily Briefs, ESG

In today’s briefing:

  • Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues

Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues

By Aki Matsumoto

  • Companies were occupied with meeting the raised standards, and there was little substantive discussion of how corporate governance should be implemented to achieve the corporation’s goal of maximizing shareholder interests.
  • A few companies have made steady progress, but we cannot expect corporate governance initiatives to go further than they are now if left to the efforts of well-intentioned companies.
  • Unless the benchmark is changed from TOPIX to another index with a smaller number of components, it will be nearly impossible to find a satisfactory engagement for a passive fund.

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May 28
0

Daily Brief Equity Bottom-Up: SJM Holdings Ltd: Large Refi of Debt Buys Time for Grand Lisboa Palace to Prove Its US$3b Cost and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • SJM Holdings Ltd: Large Refi of Debt Buys Time for Grand Lisboa Palace to Prove Its US$3b Cost
  • China Healthcare Weekly (May.26)- 9th National VBP, China’s Strength in ADC Field, Ovctek, Eyebright
  • RPPL: Q4 Weaker than Expected But On Track for Strong Earnings Growth Through FY25
  • Textron Inc.: Major Contracts With The U.S
  • International Paper Company: How Long Will The Struggles Continue? – Key Drivers
  • Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers
  • First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

SJM Holdings Ltd: Large Refi of Debt Buys Time for Grand Lisboa Palace to Prove Its US$3b Cost

By Howard J Klein

  • Legacy concessionaire SJM needs a strong performance from its Cotai flagship to create positive cash flow to service debt and keep gains in mass market share.
  • The company has closed 5 satellite casinos, a move that indicates a shift in strategic goals aimed at building out from its two IRs.
  • Thus far, SJM has not fully participated in the  early Macau recovery cycle to make it a BUY but it needs to build on its 81% of mass revenue.

China Healthcare Weekly (May.26)- 9th National VBP, China’s Strength in ADC Field, Ovctek, Eyebright

By Xinyao (Criss) Wang

  • The 9th national VBP is drawing near. As all drugs under national/provincial VBP are scheduled to be executed before 2025/12/31, there should be new policies in 2026 and beyond.
  • The capabilities of Chinese pharmaceutical companies in ADC field have at least stepped onto a platform to compete with international giants, which is clearly more progressive than during PD-1 era.
  • We analyzed key points of Ovctek. Its investment logic has changed and centralized procurement will break investors’ expectations for Ovctek’s future performance growth. Valuation may continue to be under pressure.

RPPL: Q4 Weaker than Expected But On Track for Strong Earnings Growth Through FY25

By Ankit Agrawal, CFA

  • Rajshree Polypack’s (RPPL’s) Q4FY23 came in weaker than expected on both the sales volume and the margins front. Higher depreciation and interest costs led by capex further dampened the profitability.
  • However, RPPL is executing well on its revenue growth targets led by regular capex led investments. It is on track to do INR 450cr revenues by FY25.
  • RPPL has potential to post a PAT of INR 30cr+ by FY25, suggesting that RPPL is available at around 6x P/E on a base of FY25E PAT.

Textron Inc.: Major Contracts With The U.S

By Baptista Research

  • It was a mixed first quarter for Textron as the company failed to meet the revenue expectations of Wall Street given the lower revenues observed at Bell.
  • Despite the Aviation, Industrial, and Systems segments offsetting the decline, Textron’s revenues were below expectations though it did manage an earnings beat.
  • Textron Aviation received an initial award on the US Navy Multi-engine Training System contract, and fleet utilization remained strong, contributing to aftermarket revenue growth.

International Paper Company: How Long Will The Struggles Continue? – Key Drivers

By Baptista Research

  • International Paper had a challenging start to 2023 as its revenue was slightly down though still above analyst expectations.
  • International Paper reported $65 million of year-over-year incremental earnings benefits from building better IP initiatives, but lower prices across their portfolio and weaker demand impacted margins.
  • Despite these challenges, International Paper remained focused on their key priorities of taking care of employees, customers and maximizing shareholder value.

Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers

By Baptista Research

  • Q1 was a challenging quarter for Cloudflare as the company failed to meet the revenue expectations of Wall Street as a result of various the headwinds.
  • However, macroeconomic uncertainty lengthened sales cycles and affected close rates, resulting in a back-end weighted quarter.
  • Despite these challenges, Cloudflare remains resilient and profitable, with an operating profit of $19.4 million and generating $13.9 million of free cash flow.

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

By Baptista Research

  • First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
  • With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.
  • The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.

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