[ET Net News Agency, 16 November 2017] Goldman Sachs lowered its target price for
Semiconductor Manufacturing International Corporation (SMIC)(00981) to HK$7 from HK$7.2,
and maintained its "sell" rating.
The research house said SMIC's 3Q revenue and EPS of US$769.7mn and US$0.006 were in
line with Goldman's estimates of US$761.9mn and US$0.005, respectively. SMIC guided to 4Q
revenue of US$777.4mn-$792.8mn and GPM of 18%-20%, well below prior Goldman's estimate of
US$806mn and 24% respectively.
Goldman said SMIC's 4Q structural profitability (GPM at given utilization) has regressed
to its 4Q 2013 level, the beginning of its recent earnings revival and consistent with
management's view of entering a new phase of transition because its depreciation is
growing faster than its revenue.
The research house cut its 2017-19 EPS by 14%-22%. (KL)
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00981 SMIC
Nominal 
17.180 +0.180 (+1.059%) Others
16/11/2017 17:46
[I-bank focus]Goldman lowers SMIC (00981) to HK$7
| Remark: | Real time quote last updated: 25/09/2024 13:34 |
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