文档介绍
TAIWAN Taiwan solar On the road to recovery 3Q09 saw a return to profitability We preview 3Q09 results. We believe that all of the Taiwanese solar cell manufacturers under our coverage (Motech, Gintech and E-TON) will likely return to profitability in 3Q09 at the operating and net levels. We estimate operating margins of 1.9–11.1% for these stocks in 3Q09, improving from -39.0% to -6.2% in the previous quarter. Our top pick, Gintech, saw the biggest improvement, with its operating margin jumping from -39.0% in 2Q09 to +11.1% in 3Q09, by our estimates. Solar wafer maker SAS had a more modest performance due to a higher base, as the company was the only stock in our coverage to post operating and net profits in 2Q09. Profitability improved due to higher shipments and utilisation, stable pric