[ET Net News Agency, 18 February 2019] Credit Suisse raised its target price for SMIC
(00981) to HK$8.2 from HK$6.6 and maintained its "neutral" rating.
The research house said SMIC's 4Q 2018 results were in-line. On higher non-operating
gains, tax benefit and losses absorbed by JV partners, EPS in 4Q was reported at HK$0.041,
above market expectations.
1Q 2019 sales were guided -16-18% QoQ due to weak smartphone and consumer demand and
supply chain inventory control but should recover from 2Q with stretch goal flat for 2019.
Full-year GMs were guided 18-20% (similar to 18.6% ex-license in 2018), keeping
profitability near break-even.
Credit Suisse kept absolute EPS intact. It believes the stock has passed through the
trough and has avoided downside loss, and that catalysts are coming, supporting 1x book
valuation. (KL)
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00981 SMIC
Nominal 
16.320 +0.120 (+0.741%) Others
18/02/2019 18:01
[I-bank focus]Credit Suisse raises SMIC (00981) to HK$8.2
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