About KY Research

KY Research is an independent equity research boutique covering wide range of securities mostly in the solar photovoltaic sector. We provide vertical coverage of the solar PV industry including poly-silicon wafer companies, cells and module producers, system developers and integrators.

We are dedicated to helping our clients achieve superior investment performance by delivering in-depth, objective and unbiased equity valuation analysis and recommendations. Along with company financial and business analysis, we exclusively stress on industry analysis since we believe that gaining insight into the solar industry structure and dynamics is crucial for the correct company valuation.

While we believe the renewable energy has a huge potential in taking growing share in the world energy mix, we see bumpy road ahead for the solar industry and the renewables sector in general. Since the solar PV demand is dependent to a large extend on the governments’ policy incentives and subsidy support, it is exposed to political risks and policy mistakes in establishing proper financial incentives.

The rapidly changing solar PV economics in the absence of proper regulators’ response in a timely manner has resulted in imbalances along the supply chain and boom and bust cycles for the entire sector. All of this has affected the financials of the solar PV companies and induced huge stock volatility.

That is why we believe that buy & hold strategy is not appropriate when investing in this particular sector but rather, while investing for the long run, investors should pay close attention to the short run in order to reduce solar stocks volatility.

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"Discovery consists of seeing what everyone has seen, and thinking what no one has thought"

Albert Szent-Gyorgi, 1937 Nobel Laureate