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00981 SMIC
RTNominal down16.640 -0.760 (-4.368%)

08/04/2020 15:02

{I-bank focus}Semi stocks to rebound in 2Q; risk looms in 2H

[ET Net News Agency, 8 April 2020] Nomura noted that SMIC (00981) SMIC has just raised
its 1Q guidance to a sequential increase of 6% to 8% as compared to the original guidance
of an increase of 0% to 2%. The gross margin was guided to be 25% to 27% as compared to
the original guidance of 21% to 23%.
The research house believes the strength is mainly driven by its mature nodes. Demand
for mature nodes (above 28nm) was strong across 12" and 8". Nomura expects SMIC's
utilization rate to have remained strong in 2Q.
Nomura believes such an announcement from SMIC came as a big surprise to most investors
amid the mounting concerns on the outlook for tech demand amid the COVID-19 pandemic. It
maintained its "buy" call on SMIC, with a target price of HK$18.
Nomura expects that semi stocks to see a rebound in 2Q. It does think major downside
risk to semi numbers, if any, would be in 2H. However, Nomura said the 30% sell-off from
Jan peak to March trough should have also priced in a certain level of 2H 2020/2020
downside risks. (KL)

Remark: Real time quote last updated: 28/05/2020 17:58
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