《大行报告》Jefferies降华虹(01347.HK)评级至「持有」 目标价升60%至54.64元
Jefferies发表研究报告,华虹半导体(01347.HK)去年末季业绩胜该行及市场预期,收入胜预期4%,毛利更胜预期19%至22%。该行上调其今明两年收入预测介乎10%至18%,长期收入预测更升22%至33%,主因12英寸晶圆产能利用率加快上升、8英寸更多提价、及12英寸产能扩张加快。该行亦上调其今明两年EBITDA预测分别94%及54%。
即使资本开支增加,以现金流折现率计,该行上调其目标价60%,由34.53元升至54.64元,但强劲展望及基本面已反映於股价,过去六个月累升约70%,估值高昂,评级由「买入」降至「持有」。
报告称,全球半导体上行周期、供应短缺、内地国产化潮流、及本地竞争潜在放缓料支持股价企稳。
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