Peter is right, without the high number Q4 would be about $1.05. However JKS should blow away the Q3 number and Q4 will be changed. I would not be surprised if JKS makes $1.50 to $2 in Q3 given what we have heard out of CSIQ, FSLR and SPWR. The only bad thing about Q4 will be the number of MW of plants that JKS will add to the grid in China. This is only a bookkeeping problem, but if JKS started the year at 500MW is at 725MW in Q2 and say is at 840MW at the end of Q3, then JKS would have to add 260MW to 460MW to get to 1.1GW to 1.3GW by the end of the year.
CSIQ sold 102 MW of plant for about 2 dollars per watt. True a plant in CA may not have the same value as a plant in China, but the plants in China may be worth more when they get 16 cents per KW hour for 20 years. JKS is adding 600 to 800 MW of plants this year. It costs JKS $1.20 to $1.25 per watt to build the plants. JKS will most likely make more by the IPO but even at $2 per watt, a cost of $1.25 cents per watt and only 600 MW of plants this year JKS is making an extra $450 million this year. JKS has a real PE of about 1 and is growing at over 30% per year.
Did you ever think that we and JKS might be better off if JKS never has the IPO? JKS is making 10 to 12% over interest on the plants. Lets say it is 11%. JKS could pay a dividend of 2% and pay 4% to 6% on the loan. The loan would pay off in 18 to 12 years and JKS would still have 5% to 3% to expand with. Pay the dividend out on July1 to owners of record December 31 the year before. The dividends might be $1 in 2016, $1.50 in 2017, $2.25 in 2018... As JKS owned a greater and greater number of plants the interest rate should go down. It might also help in JKS's other lines.