[ET Net News Agency, 14 November 2019] Nomura lifted its target price for SMIC (00981)
to HK$10 from HK$9 and maintained its "neutral" rating.
The research house said SMIC delivered a better 3Q result than Street expectations as
well as above-consensus 4Q guidance. It appears that China local semi demand was the key
reason for the beat.
Nomura cut its 2019-20 earnings forecasts by 79%/29%, mainly due to new assumptions for
non-operating items and minorities. (KL)