[ET Net News Agency, 16 February 2021] CICC Research lifted its target price for Hua
Hong Semiconductor (01347) by 84% to HK$64.5 and reiterated its "outperform" rating.
The research house said Hua Hong's 4Q 2020 results beat guidance and CICC's forecast,
primarily driven by strong demand for CIS, MCU, and IGBT products. The 1Q 2021 guidance is
strong, given normal seasonality and a strong customer pull-in in 4Q 2020.
CICC is still positive on a faster Wuxi fab ramp-up and sustainable demand from Hua Hong
Shanghai. It revised up its 2021 revenue forecast 10% to reflect a faster than expected
Wuxi ramp-up. (KL)