Woongjin Energy - JV-Partner von Sunpower - 500 Beiträge pro Seite

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Ende Juni in Korea an die Börse gegangen:


Tuesday, 29 Jun 2010

Yonhap reported that South Korean solar battery parts maker Woongjin Energy Co will list its shares on the country's main stock market this week.

The Korea Exchange said in a statement that the company will list 62 million shares on June 30th 2010 and the starting share price will be determined between a 90% and 200% range of its initial public offering price of KRW 9,500.

Woongjin Energy raised KRW 150.86 billion last week after selling 15.88 million shares in an IPO and said the money will be used to expand facilities for solar battery components.

According to the KRX, the company earned KRW 41 billion on sales of KRW 118.9 billion in 2009.

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Woongjin Energy Rises on Plan to Boost Ingot, Wafer Production
July 07, 2010, 11:07 PM EDT

By Saeromi Shin

July 8 (Bloomberg) -- Woongjin Energy Co., a South Korean maker of parts for solar-power equipment, advanced in Seoul trading after saying it plans to invest 283.7 billion won ($234 million) to expand production of ingots and wafers...

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ein paar Bilder: http://www.investkoreasmes.com/investment-opportunities-smes…


und auch sofort in den PPVX aufgenommen...

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Woongjin IPO implications
■
Bottom-line: Woongjin Energy, a SPWR JV and ingot supplier, went public
in the Korean market recently. SWPR's stake in Woongjin Energy is
currently valued at 21% of SPWR’s market cap. SPWR's Woongjin stake
makes the SOTP argument for SPWR $2.50/share cheaper; there could be
mark to market accounting gains that SPWR may also realize at some point.
■
SOTP on SPWR even cheaper now: Woongjin a major ingot supplier to
SPWR went public on June 30. The company raised ~ KRW 150bb or
$123mm. Proceeds from the IPO would be invested in the KRW 270bb (or
$220mm) 3500 MT ingot plant expansion. SPWR had 42.06% stake in
Woongjin energy, post IPO the stake is worth ~$246.7mm (or 31.29% of
stock), which is 21% of SPWR’s market cap. We would caution that SPWR
has a 6 month lockup period in Woongjin Energy, it will be difficult to
monetize this asset as SPWR is the primary customer of Woongjin Energy,
and there could be international tax implications as well. That said, the IPO
does provide another way to value SPWR's stake in Woongjin Energy and
provides a bit more background to SPWR's manufacturing costs.

Woongjin Energy: This is a JV formed between SPWR and Korean conglomerate
Woongjin group in 2006, is an ingot supplier to SPWR. Other ingot suppliers to SPWR
include – Norsun, First Philec and Jiawei. (Please refer chart for SPWR’s supply chain
presence). Woongjin polysilicon, another holding company of Woongjin Group supplies
polysilicon to the JV. In addition SPWR also supplies Woongjin with polysilicon from
OCI. 95% of Woongjin ingot sales go to SPWR. Woongjin Energy is trying to expand its
customer base to domestic companies like Shingsung, Hyundai, Samsung and few
international players. Note, SPWR contract with Woongjin Energy was extended till
2016. Woongjin has an ingot capacity of 1800MT and will expand to 5300MT by Sep
2010. Woongjin Energy is currently ramping wire saw capacity at proposed 3500MT
facility. The company had KRW 31.64bb sales in 1Q10 with GM/OM of 51%/47%.
Gross Margins are higher compared to 15%-20% for wafer players like SOL and LDK.
This partly explains SPWR’s higher conversion cost (refer cost comparison chart
below).
■
Implications for SPWR: The IPO theoretically is positive to SPWR stock, as SPWR
was getting penalized for its higher cost manufacturing costs, but was not rewarded for
its Woongjin stake – the value of which has now become more apparent. While
concerns on long term cost competitiveness for SPWR has been the key issue on the
stock, note that SPWR looks even cheaper on a sum of parts: SPWR has assets in
factory (which one could interpret that AUO is willing to value at cost through its
proposed JV), probably one of the best brands in solar, strong IP (high efficiency cells)
and a large pipeline (including 210MW AC PG&E PPA and European pipelines).
Adding Woongjin Energy stake just made that SOTP argument $2.50/share cheaper;
and provides a bit more detail behind the real manufacturing costs for SPWR. Thus, we
would not be surprised if SPWR screens as an interesting M&A or JV candidate for
large international corporations that are trying to enter the solar energy market

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sind die separat oder gehören sie dazu?:

S. Korean polysilicon maker wins US$200 mln order from BYD unit

SEOUL, Dec. 22 (Yonhap) -- Woongjin Polysilicon Co., a South Korean manufacturer of polysilicon, said Wednesday that it has won a US$200 million order to provide the material used in solar-panel cells to a unit of Chinese carmaker BYD Co.

Under the deal with BYD Shangluo Industry Co., Woongjin Polysilicon will provide the material. But the South Korean firm did not elaborate on other terms of the deal, including the duration of the contract.

Woongjin Polysilicon, a unit of Woonjin Group, currently operates a plant in South Korea that produces 5,000 tons of polysilicon.

Earlier this year, BYD started construction of its second solar battery production line. BYD's annual production capacity is estimated at 100 megawatts.

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Woongjin to Invest $734 Million for Polysilicon Expansion, Edaily Reports
By Sangim Han - Apr 13, 2011 7:17 AM GMT+0200


Woongjin Group aims to spend 800 billion won ($734 million) by 2013 to boost its output capacity of polysilicon to 17,000 metric tons by 2013, Edaily Reported, citing Group Chairman Yoon Seok Kum.

Unlisted subsidiary Woongjin Polysilicon Co. completed its first plant in Korea today, which cost 620 billion won for an annual output capacity of 5,000 metric tons of the material used for solar cells, the Korean-language news provider said.

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Woongjin Energy to spend USD 456m on solar wafer, ingot capacity


ADP News Renewable Energy Track
May 23, 2011
South Korean conglomerate Woongjin Group said today it would pour KRW 500.4 billion (USD 456m/EUR 326m) into a new factory for solar cell ingots and wafers.

Construction of the facility should be completed in 2014.

Woongjin, through its subsidiaries, is also active in the IT sector, education and publishing services, construction, and manufacturing of ingots for solar energy cells, among others. In mid-April Korean news source Edaily cited Woongjin chairman Yoon Seok Kum as saying that the company intends to spend KRW 800 billion by 2013 to expand its polysilicon capacity.

(KRW 1,000 = USD 0.911/EUR 0.651)