Table of Contents
Investment thesis summary ........................................... 3
A top-down analysis of the solar sector......................... 8
Polysilicon supply analysis........................................... 11
The polysilicon price floor ............................................16
PV demand: China, Italy, U.S. and Japan ..................... 18
PV system internal rate of return analysis for Europe. 25
PV system cost breakdown analysis............................ 27
PV system grid parity analysis ..................................... 31
Emerging technology & developments......................... 35
Investment in renewable energy .................................. 39
Investment considerations ........................................... 41
Motech (6244 TT); BUY .................................... 55
Investment thesis ......................................................... 56
Valuation .......................................................................57
Neo Solar Power (3576 TT); BUY................ 77
Investment thesis ......................................................... 78
Valuation .......................................................................79
Gintech (3514 TT); SELL.................................. 97
Investment thesis ......................................................... 98
Valuation .....................................................................100
E-Ton Solar (3452 TT); HOLD ...................... 122
Investment thesis ....................................................... 123
Valuation ..................................................................... 125