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  "documentTitle": "Ballard Power Systems (BLDP)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-01-25 00:00:00",
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      "text": "We have conducted on the ground due diligence in China and believe that Ballard’s Chinese growth ambitions are likely to fail from weak partnerships with Broad Ocean and Synergy, and a market that is not developed enough to support fuel cell vehicle growth; Déjà vu, Ballard’s last China deal with Azure resulted in a contract breach and revising guidance lower in early 2015; investors should brace for similar disappoints this time around too",
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      "text": "Ballard Partner Specific Challenges: Critique of Broad Ocean's lack of relevant experience and failure to secure key partnerships with major Chinese automakers.",
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      "text": "China Industry Challenges: Discussion of the nascent state of the Chinese hydrogen market, lack of infrastructure, and poor refueling economics.",
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      "text": "What’s Driving The Ballard Bull Story: Analysis of 2017 stock performance vs. underlying business fundamentals and the risks of the China partnership strategy.",
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      "text": "downside: 35% - 70%",
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      "text": "Spruce Point Believes BLDP Is A “Strong Sell” Sees 35% - 70% Downside For The Following Reasons:",
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