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Queries on FSLR, FTCH (US) and CLX, RPL (ASX)

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Queries on FSLR, FTCH (US) and CLX, RPL (ASX)

Hi MM, I have the following queries on quite different stocks (across two markets): 1) FSLR: My understanding - but please correct me if any of this incorrect - is that you are quite positive on this stock and its prospects and consider current levels a good (or even very good?) entry point. However, to what do you attribute its recent share price fall from a high of around $230, and particularly below support at around $200? With the price having now "closed the gap" (as at the time of writing), and given current sentiment in general, were MM buying in for the first time, would you buy now or target lower levels for your entry? 2) Farfetch Ltd (FTCH): what are MM's views on FTCH's prospects, including as a turnaround play? If you like the stock, what would you consider a good entry? 3) CXL: can you please provide your updated views on CXL, given price action over the last month or so and particularly the last three days. Is MM still comfortable with the stock/its prospects and continuing to hold it? Would you consider current levels a good entry point? 4) RPL: a similar query to CXL in some respects. To what do you attribute the recent PA, is MM still comfortable holding the stock and would you consider current levels a good entry point? Many thanks - and hopefully the Aussie market rebounds quickly from today's savage sell-off! Darren


Hi Darren,

  1. We like the risk/reward in FSLR US around current levels, but would leave room to add further to the position in time – this is a volatile, growth stock that has pulled back as you made mention of. There is nothing specific around First Solar that would explain the pullback, some of the Chinese solar panel makers have been weak of late while we believe that the rise of AI stocks would have taken some of the ‘hot’ money in Solar and redistributed it.
  2. Farfetch  (FTCH US),  the online apparel retailer is not one we’ve followed closely unfortunately.
  3.  Calix (CXL) is a company that is losing money as they develop new ways around decarbonization of industries.  While we love the company and their direction, the market looks very weak and a break below support this week is not encouraging.  The stock has pulled back to around the levels we originally bought it. We are more in ‘wait & see’ mode on CXL.
  4. Regal Partners (RPL), yes and yes in simple terms although we view Magellan (MFG) as a cheaper alternative when we look at FUM v Market Cap.
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First Solar (FSLR US)
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