大和:上季收入勝預期 維持中芯國際(0981.HK)16港元目標價
大和發表研究報吿指,中芯國際(0981.HK)去年第四季受惠於非經常性項目令收入勝預期,惟公司對今年前景喜憂參半;同時,該行亦擔憂公司的庫存風險及高資本開支或會限制其結構性盈利能力,故維持中芯沽售評級,目標價續看16港元。
該行預期,中芯產能將由去年第四季的23萬WPM,到今年底增至26萬WPM,今年收入料為42億美元,比該行原先的預測高8%,惟將今、明兩年的純利下調6至10%,以反映較高的資本開支導致折舊成本上升,從而令利潤較低的預期。

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