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The global shift to renewable energy sources like solar and wind has been one of the leading secular trends over the past year. WIth many governments committing to having zero carbon emissions in the next few decades, many investors have been looking at these clean energy companies as first inning investments in a very long-term game. In Asia, South Korea has always been a leader in technology, so it should not be surprising that one of its largest wind energy companies CS Wind Corporation (KSE:112610.KS) is paving the way as the world’s leading wind tower manufacturer. Learn more

When looking at CS Wind’s stock, keep in mind that shares trade on the Korea Stock Exchange, so any prices are reported in KRW or Korean Won. CS Wind has a market cap of 3.247 trillion KRW, which is the equivalent of roughly $3 billion USD, and currently trades at a price of 77,000 KRW per share, or roughly $69.00 USD. Much of CS Wind’s growth has come over the past year, as the stock surged in August of 2020 as the company secured wind tower deals with countries all over the world who are switching over to renewable energy. But can CS Wind carry on with this growth into the future?

CS Wind Stock Analysis: The bullish case for any renewable energy company is clear right now: the world is moving its industrial and consumer energy sources to clean energy. CS Wind already has operations in South Korea, China, Malaysia, Taiwan, Turkey, the U.K., Vietnam, and Canada. The company specializes in both onshore and offshore wind farms, as well as manufacturing components for industrial plants. When you think of wind energy farms, your mind may instantly think of the leaders in the industry like General Electric, Vestas, Siemens, or Gamesa.

The truth is, CS Wind is not in competition with these companies, but rather it works in conjunction with them as a manufacturer of components and parts. Operations and maintenance are not the responsibility of CS Wind, so investors should think of the company as a pick and shovel play, rather than a turbine operator. In late 2020, CS Wind signed an agreement with Danish company Copenhagen Infrastructure Partners and Stiesdal Offshore Technology to begin offshore wind farm infrastructure development off the coast of Korea.

Finally, CS Wind also recently established a U.S. subsidiary, which means it may be looking at plenty of business sales following President Biden’s dedication to renewable energies. So how does CS Wind grade as a long-term investment? It’s balance sheet isn’t ideal as the company carries a higher amount of debt then you would want to see. Given its dedication to global expansion to keep up with the suddenly surging renewable energy sector, we can reasonably deduct that a corresponding rise in revenues will soon follow once the company has fully scaled. It’s hard to imagine CS Wind finding less work moving forward, so targeting a major parts supplier with a relatively small market cap, may be a savvy way of getting growth exposure to the wind energy industry.


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