Nomura Securities Maintains a 'Reduce' on LDK Solar (LDK); Plans to Issue 3 Bln Yuan in Notes
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Price: $1.66 -0.6%
Rating Summary:
2 Buy, 3 Hold, 11 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
2 Buy, 3 Hold, 11 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade LDK Now!
Nomura Securities maintains a 'Reduce' on LDK Solar (NYSE: LDK) price target of $2.60.
Nomura analyst, Nitin Kumar, said, "The China government bond clearing house today announced that LDK plans to issue CNY3bn (~USD472mn) of medium-term notes by 2012F with CNY500mn (~USD79mn) to be issued on 7 December 2011. We believe this bond offering is being primarily done to roll over the company’s debt. With LDK’s current net debt to equity at 227%, we do not foresee any improvements to its already stretched balance sheet. However, we remain concerned about higher interest costs for these bonds given the weak markets. With demand entering a seasonally slow environment, we believe demand recovery will have to wait till 2H12F."
For an analyst ratings summary and ratings history on LDK Solar click here. For more ratings news on LDK Solar click here.
Shares of LDK Solar closed at $3.39 yesterday, with a 52 week range of $2.55-$14.97.
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Nomura analyst, Nitin Kumar, said, "The China government bond clearing house today announced that LDK plans to issue CNY3bn (~USD472mn) of medium-term notes by 2012F with CNY500mn (~USD79mn) to be issued on 7 December 2011. We believe this bond offering is being primarily done to roll over the company’s debt. With LDK’s current net debt to equity at 227%, we do not foresee any improvements to its already stretched balance sheet. However, we remain concerned about higher interest costs for these bonds given the weak markets. With demand entering a seasonally slow environment, we believe demand recovery will have to wait till 2H12F."
For an analyst ratings summary and ratings history on LDK Solar click here. For more ratings news on LDK Solar click here.
Shares of LDK Solar closed at $3.39 yesterday, with a 52 week range of $2.55-$14.97.
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