JKS has capacity of 1.5GW while TSL has 1.3GW with additional 600MW for cell/module only. So, basically their capacity are equivalent. And, at closing JKS has market cap of $240 millions less than one-thirdth of TSL ($752 millions).
favor to TSL:
1) Utilization rate 100% in Q3.
2) Processing cost is improved to 66c based on one SPI report.
favor to JKS:
Opex is extremely low. So, it flows lots of gross profit down to bottom-line. Processing cost supposes to be efficient too (67c YE).
Euro 80c ASP is now equal to $1.14. From $1.05 changes to $1.14, that's extra 9c gross profit. Besides, Germany is set to cut Fit in 2012 for only 15% instead of some speculated 21%.
Should JKS only ship 280MW in Q4, based on current exchange rate, 68c processing, if they get entire quarter poly at $36, that's 99c EPS in Q4. Of cuz, math never works out in straight formula. We will see.