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00981 SMIC
RTNominal unchange18.700 0.000 (0.000%)
Research Report

17/02/2020 09:39

{I-bank focus}Daiwa Research raises SMIC (00981) to HK$10

[ET Net News Agency, 17 February 2020] Daiwa Research raised its target price for SMIC
(00981) to HK$10 from HK$9.2 but downgraded its rating to "sell" from "underperform" after
the recent share-price rally, which was not fundamentally unjustified.
The research house said SMIC released upbeat 4Q 2019 results and counter-seasonal 1Q
2020 revenue guidance, yet core operations would stay loss-making if not for government
subsidies, as margins look unlikely to rise fast enough to cover increased costs
associated with its high capex.
Daiwa retained its view of a profitless recovery at the core level for SMIC over 2020-21
despite its projected upturn in the semiconductor industry, as a result of its subdued
28nm operation and margin-dilutive 14nm ramp. Daiwa raised its 2020-21 net profit
forecasts by 65-132% to factor in higher subsidies where SMIC booked US$245m in 2019 which
should rise this year. (KL)

Remark: Real time quote last updated: 03/06/2020 08:58
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