《大行报告》美银证券上调中芯(00981.HK)目标价至21元 评级「中性」
美银证券发表报告指,中芯国际(00981.HK)首季纯利6,400万元表现强劲,高於市场预期,主要受惠政府补助及开支降低,该行上调对公司2020/21年每股盈利预测,目标价由18.5元升至21元,以反映业绩及指引强劲,并维持「中性」评级。
该行指出,中芯管理层料次季收入将按季升3-5%,而毛利率则在26-28%的水平,两者均高於市场预期,而在疫情下公司订单亦未见减慢,客户亦积极增加库存以应对供应链方面的影响。管理层展望今年收入可有15-19%,而毛利率则料高於2019年水平,并强调会聚焦於开支管控上,但由於上半年基数较高,加上供只链库存增加,或意味下半年将面对较大的风险。
另外,中芯亦将其资本开支由32亿美元增至43亿美元以增加产能,而全年的折旧及摊销开支估计为14亿美元。管理层强调公司完全遵守监管规则,并预期中美科技战升温对公司影响有限。(el/w) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.