Cowen’s Stone Maintains NEUTRAL Rating on Hoku (Nasdaq:HOKU)

Oct 23, 2009
Author: SCP Editor

October 23, 2009 – Analyst Comments – Cowen’s Rob Stone reiterated his NEUTRAL rating on Hoku Scientific (Nasdaq:HOKU) this morning stating that he expects the stock to trade up (1.5-1.8x post Tianwei-deal book value of about $1.84).

Key Takeaways

·         Believes Hoku should be able to start up poly production by CQ1:10. Company expects to be fully ramped to 4,000MT by C4:10, but Stone is modeling a more conservative ramp to full capacity by mid-2011.

·         Adjusted F10 estimates to loss of $0.33 on revenue of $7.7 million

·         About $71 million is needed to finish the poly plant (assuming current customers make all their prepayments). Looking for subsequent financing to come from other debt sources, prepayments from new customers and potentially U.S. investment tax  credits or Federal loan guarantees.


Seacoast Advisors, Inc. is a publisher. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission or with any state securities regulatory authority. The material provided on the website is for general informational purposes only. No information on the website is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy...

Click here to read more. 


Our focus at Small Cap Pulse is to provide our readers with timely and insightful stock ideas and market information that is value-added. Some of the companies that we introduce are our clients, and our only axe to grind is making their story better known. Most of the companies that we discuss are just companies that we think you should know about, as well as the fundamentals that we think will drive their stock prices higher, and in some cases lower...

Click here to read more.