[ET Net News Agency, 12 January 2021] Goldman Sachs raised its target price for SMIC
(00981) to HK$26.2 from HK$23.3 and maintained its "buy" rating.
The research house raised its ASP assumption for SMIC's 8" wafers and 40-90nm 12"
wafers, given the foundry capacity supply tightness and strong demand from local customers
in CIS, PMIC, MCU, fingerprint, etc.
The price increase is due to a better product mix given high utilization and tight
supply across the industry, which allows SMIC to optimize its product mix toward orders
with higher ASPs. On utilization, Goldman expects SMIC's 8" fabs utilization to maintain
at >95% and 12" fabs mature nodes to maintain at >90% through 2021.
Accordingly, Goldman raised its 2021-28 revenue by 2-3%, operating profit by 10-35%, and
net profit by 9-15%. (KL)
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00981 SMIC
Nominal 
15.540 +0.440 (+2.914%) Research Report
12/01/2021 17:20
{I-bank focus}Goldman raises SMIC (00981) to HK$26.2; "buy"
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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