great summary and I concur 100%………..forward P/E of 1.74 for 2009???? NOTHING about that makes any sense…….
· A-Power (Nasdaq:APWR). We are also long-term bullish on APWR, which, like LDK, continues to post solid financial results and favorable guidance. The stock is trading at about $3.76, down $0.54, or 12.56%, about 5.2x its trailing 12-month earnings, about 0.6x trailing 12-month sales, and about 0.98x book value.

As with LDK, we think these multiples are indicative of a stock that is way oversold for a company that is posting triple-digit year-over-year revenue and income growth and that is building a leadership position in a massive growth market (Asia) for wind energy and distributed energy. The primary concerns that we are seeing relating to A-Power’s stock, are that of disbelief. The markets seem to be totally discounting the stock based on the fact that they don’t think A-Power will be able to deliver, either in its wind turbine business or its distributed energy business. But the company’s performance just doesn’t justify this kind of pessimism.

A-Power has amassed a backlog across its business of more than $1 billion, it has a solid balance sheet with no debt and cash of about $60 million, or $1.80 per share. The company has reaffirmed the fact that it expects to earn about $35 million this year, and $70 million next year. The stock is trading at 3.48x this year’s earnings and 1.74x next year’s earnings. At a modest 10x 2008 projected earnings, the stock would be trading at $10.86, a 188% premium to today’s trading price.

Can anyone understand this stock market???? Wind, Solar, Coal, and Oil down 15% today………fertilizer down 18%………Banks Down 20%.
Nothing makes sense in stocks and I only paid $1.54 here in Denver for gasoline………T Boone Pickens ”’delays” his wind farms………and Obama is 40 days away from taking over.
Investing in anything ”’green”’ is going to cost you some green “”"”IF”"” the market continues like this today. Where and HOW does the stock market return confidence and returns vs ”’buy and die”’ like today?????????? Needless to say, NOT TOO HAPPY TODAY!!!

Most critics of China insist China is in worse shape than the US government and stock market. However, “”"IF”"”" APWR continues on this massive plan to build and manufacture wind turbines inside inner Mongolia, APWR will be in the drivers seat come 2010 once the economy recovers and APWR is at full production making 1800 MW of wind turbines for China and rest of Asia.

As part of the agreement, the Bayan Nur city government will also provide A-Power with tax breaks and coordinate all of the sales efforts for A-Power’s wind turbines with wind farms in Bayan Nur and surrounding areas. Bayan Nur is located in one of the three premium wind belts in China and therefore, significant demand for wind turbines exists from wind farm operators in this region. The PRC central government has recently approved wind farms with a potential 2,100MW of output in Bayan Nur alone.

Mr. Jinxiang Lu, A-Power’s Chairman and CEO, commented, “We are excited to announce the signing of this MOU with the Bayan Nur government and feel this expansion is a significant event that will continue to elevate our status and wind turbine production footprint in China. The Bayan Nur government has made us a generous offer and we are very excited to work closely with them to provide high quality wind turbines to operators and investors in this region.

“The new facility will be similar in size to the first phase of our facility recently completed in Shenyang and its strategic location will be advantageous to serve this particular part of Inner Mongolia’s wind belt. We plan to begin construction on this facility in October 2008 and it is expected to be completed in July 2009 at a cost of approximately $20 million.

“The 800MW annual wind turbine production capacity at this new Inner Mongolia facility combined with over 1,000MW from the first phase of our Shenyang production facility will give A-Power an annual wind turbine production capacity of over 1,800MW by the end of 2009.”