大行評級|瑞銀:下調華虹半導體評級至“沽售” 目標價20港元
瑞銀髮表報告指,華虹半導體的股價在過去一年已上升46%,相信主要是由於對中國本地化的樂觀情緒增加,及新任總裁長白鵬的營運重組所帶來的利好因素。該行表示,由於華虹的規模較中芯細,12吋晶圓產能擴張或會在今明兩年爲其帶來39%和20%的折舊增長。該行預計,集團未來3至4年的ROE支持較弱,爲-0.3%,而中芯國際爲9.3%。另外,華虹的55及90納米晶圓價格爲1,000美元,大幅低於業界平均價格約1500美元,反映出12吋晶圓代工廠在商品化產品上的競爭。因此,將華虹評級由“中性”下調至“沽售”,續予目標價20港元。
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