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DBS: Semiconductor Manufacturing International Corp – Buy Target Price HK$21.50

Posted on August 16, 2022August 16, 2022 By alanyeo No Comments on DBS: Semiconductor Manufacturing International Corp – Buy Target Price HK$21.50
Mature node demand remains intact
  • Net profit decreased 25% y-o-y to US$514m, ahead of the market consensus by 10% 
  • Management is guiding for 3Q22 revenue growth of 0%-2% q-o-q, in line with market expectations
  • Cut FY22/23/24 earnings forecast by 6%/8%/5%, because of a lower utilisation and ASP
  • Maintain BUY with a TP of HK$21.5, on solid earnings CAGR of 12% in FY21-24F
SMIC_15-Aug-2022_HK_CU-ResultsClick here to Download Full Report in PDF

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