Guildford Securities Inc. report on Trina Solar Ltd.

Nimal Vallipuram at Gilford Securities Inc. analysis Trina Solar:


  • Despite the concern regarding pullbacks of government subsidies in Europe and other China related macro issues, we continue to view TSL stock as an attractive proposition due to its market share, cost leadership and valuation. While we do not necessarily dismiss the concerns which have weighed heavily on solar stocks in recent weeks, we believe that cost leaders such as TSL will continue to outperform.
  • We are of the opinion that, even with possible dislocation of subsidies in Europe in 2011, the growth in global solar demand will not suffer any sizable decline due to the fact that declining panel costs are making solar a viable proposition. The aggressive cost reductions by panel manufacturers (with TSL in the forefront) will revive the demand in 2H11 if there is a risk of slowdown. Like in any other industry price elasticity will have a very positive effect on the solar demand. We believe this possible effect is significantly underestimated by some investors.

For full report, please see document attached.

Source: Nimal Vallipuram, Gilford Securities Inc

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