Roth sees Southeast Asia CVD preliminary duties as positive for First Solar

Commenting on “the flurry of activity” on the Southeast Asia countervailing duty, or CVD, preliminary decision on Tuesday, Roth MKM says that the bottom line is that this process is a positive for First Solar (FSLR), despite the CVD rate coming a touch lighter than expected. The preliminary CVD rates appear to be better for JinkoSolar (JKS) and worse for Canadian Solar (CSIQ). Additionally, the firm believes that what matters is the COMBINED AD/CVD rate–the CVD alone is not enough. Finally, Roth emphasizes that the details around the AD/CVD are less important. The firm thinks the impact of the SEA AD/CVD process has already been felt exacerbating project delays as the AD/CVD created uncertainty for module economics/deliveries for a non-trivial number of GW and projects.