This report is an updated version of the report published on 5 November 2025, at 10:17 PM PDT.  

One Renewable Energy Stock Can Face Resistance at the Current Levels -JKS

JinkoSolar Holding Co Ltd (NYSE: JKS) 

Company Overview: JKS is a holding company principally engaged in photovoltaic (PV) industry. The Company builds a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. The company’s main products comprise silicon wafers, solar cells and solar modules.

Recommendation Rationale – SELL at USD 28.74 

• Financial Highlights: Total operating revenue declined by 32.63% YoY to RMB 31,831.28mn 1HFY25 vs RMB 47,251.39mn in 1HFY24. Revenue decrease was driven by a sharp decline in global photovoltaic product prices amid an oversupplied market. The company booked a net loss of RMB 2,908.81mn in 1HFY25, a steep decline from the net profit of RMB 1,200.8mn reported in 1HFY24
• Trading Near the Resistance: JKS stock is approaching its R2 level recommended on 30 October 2025, and it might face some consolidation at current level.
• Overvalued Multiples: On a forward 12-month basis – key trading multiple (EV/EBITDA) is higher than Industry Median of the Energy Sector.
• Market Risk: The solar industry is characterized by rapid capacity expansion across many manufacturers (especially in China), leading to chronic oversupply and aggressive price declines for solar modules. This continuously pressures JKS's gross margins and profitability.

Daily Price Chart

Valuation Methodology: Price/Cash Flow Multiple Approach (FY December'26E) (Illustrative)

Stock might trade at a slight discount to its peers considering the YoY decline in revenue H1FY25, YoY increase in net loss in H1FY25, sustained pricing pressure, and exposure to US trade policies/tariffs. For conducting the valuation, the following peers included: United Microelectronics Corp (NYSE: UMC), Daqo New Energy Corp (NYSE: DQ), Canadian Solar Inc (NASDAQ: CSIQ), and other have been considered.

Given the stock is approaching its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing market price of USD 28.74, as of 5 November 2025. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 5 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.