Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside |
|---|---|---|---|---|---|---|---|
| 27 Feb, 24 | JKS | Buy | USD 26.09 | USD 27.97 | USD 30.0 | 1 day | 15.0% |
Data Powered by EOD Historical Data (“EODHD”).
JinkoSolar Holding Co., Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; and develops commercial solar power projects. The company sells its products to distributors, project developers, system integrators, and manufacturers of solar power products under the JinkoSolar brand. As of December 31, 2022, it had an integrated annual capacity of 65 gigawatts (GW) for mono wafers; 55 GW for solar cells; and 70 GW for solar modules. The company has operations in the People's Republic of China, the United States, Mexico, Australia, Japan, United Arab Emirates, Turkey, Jordan, Vietnam, Egypt, Spain, and Germany. JinkoSolar Holding Co., Ltd. was founded in 2006 and is headquartered in Shangrao, the People's Republic of China.
Higher Current Ratio: 1.14x in Q1FY24 vs 1.11x in Q1FY23
Lower Debt-Equity Ratio: 1.31x in Q1FY24 vs 1.32x in Q1FY23
Lower Gross Margin: 9.20% in Q1FY24 vs 13.50% in Q1FY23
Lower Net Margin: 5.10% in Q1FY24 vs 11.4% of Industry Median
Market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 26.09 | 24.85 | 27.97 | 30.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Financials: The company's total revenue stood at CNY 23,084 mn, a 0.3% drop as compared to Q1FY23, driven by decrease in the shipment of solar modules and wafers.
Technical: JKS stock has shown signs of stabilization at the crucial trendline support level, indicating a possible shift towards an upward trend.
Outlook: The company is optimistic about the global market demand of N-type technology and anticipates mass produced N-type cell efficiency to reach 26.5% by the end of 2024.
Given the aforementioned factors, a ‘Speculative Buy’ recommendation has been assigned on the stock at the closing market price of USD 27.31 as on February 27, 2024.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Solar
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| JKS JinkoSolar Holding Company Limited |
0.41 1.74% | 24.21 | 3.44 | 2.84 | 0.02 | 0.59 | 0.06 | 0.80 |
| FSLR First Solar Inc |
0.30 0.16% | 182.69 | 28.97 | 13.44 | 5.89 | 2.92 | 5.44 | 14.89 |
| ENPH Enphase Energy Inc |
0.12 0.16% | 71.56 | 64.37 | 38.91 | 6.95 | 16.18 | 6.78 | 26.01 |
| NXT Nextracker Inc. Class A Common Stock |
1.07 3.04% | 36.22 | 16.44 | 12.44 | 2.71 | 15.50 | 2.46 | 15.56 |
| XISHY Xinyi Solar Holdings Limited |
-0.045 0.58% | 7.66 | 11.55 | 14.93 | 0.22 | 1.24 | 0.24 | 1.12 |
Data Powered by EOD Historical Data (“EODHD”).
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and target levels is February 27, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: The report publishing date is as per the Pacific Time Zone.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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