SMIC 0981

Re: SMIC 0981

Postby winston » Wed May 06, 2020 12:04 pm

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SMIC (00981.HK) Booms Nearly 12% on Proposed Return to A-shr Mkt

Leading the uptrend to the third day, SMIC (00981.HK) soared 11.7% to $17.04.

The chipmaker had proposed a return to the Sci-Tech Board by issuing up to 1.685 billion new shares.

Source: AAStocks Financial News
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Re: SMIC 0981

Postby winston » Thu May 14, 2020 7:11 am

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SMIC's Q1 revenues hit record US$905m

by Winnie Lee

Semiconductor Manufacturing International (0981) recorded a record-high quarterly revenue in the first quarter, as market demand and product mix were better than expected.

SMIC announced that quarter-one profit surged 4.23 times year-on-year to US$64.16 million (HK$500.48 million), falling 27.7 percent from a quarter earlier.

For the first three months ended March 31, revenue was US$905 million, up by 35.3 percent yearly and 7.8 percent quarterly.

The gross profit margin was 25.8 percent, up 7.6 percentage points compared to the same period last year and rising 2 percentage points quarter over quarter.

Zhao Haijun and Liang Mong Song, SMIC's co-chief executive officers commented, "Revenue related to communications, computer and consumer electronics grew, resulting in increased market share."

The demand for CMOS image sensors related integrated circuits, power management, fingerprint sensors, specialty memory, and other related applications are strong, they added.

The company decided to adjust the capital expenditure from US$1.1 billion to US$4.3 billion to develop the telecommunications, phones, vehicles, and e-payment sectors.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-US$905m
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Re: SMIC 0981

Postby winston » Thu May 14, 2020 7:39 am

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SMIC (00981.HK) 1Q Net Profit US$64.164M, Up 422.8%

2020/05/13

SMIC (00981.HK) announced the first quarter result ended March 2020.

The revenue rose 35.3% year on year to US$905 million.

The net profit amounted to US$64.164 million, up 422.8% yearly.

EPS was US$0.01.

Dr. Zhao Haijun and Dr. Liang Mong Song, SMIC’s Co-Chief Executive Officers, commented that the company's revenue in the first quarter has reached a historical high as market demand and product mix are better than expected.

Revenue related to communications, computer and consumer electronics grew, gradually increasing in market share.

C Suisse Upgrades SMIC (00981.HK) to Neutral with TP Added to $17

Source: AAStocks Financial News
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Re: SMIC 0981

Postby winston » Tue May 19, 2020 11:38 am

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Becoming A-share-like

1Q20 GPM improved 2% pts qoq due to better sales mix.

Despite EPS being counted in pennies, valuation is now at a historical high.

We raise TP to HK$17.2, now based on 1.5x FY21F P/BV. Upgrade to Hold.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8E1A10CFE7
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Re: SMIC 0981

Postby winston » Tue Jul 07, 2020 1:38 pm

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On May 15, the day Huawei got slapped with further sanctions, the state-owned China Integrated Circuit Industry Investment Fund, which held close to 20% of SMIC as of December 2019, said it would co-invest about $2.5 billion into one of its wafer plants.

Meanwhile, securities regulators have fast-tracked the company’s plans to raise as much as $7.5 billion in Shanghai, the largest mainland initial public offering in a decade.

Beijing is well aware that chip manufacturing is a capital-intensive business, and it must provide financial support as SMIC races to catch up on technology.

Source: Bloomberg
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Re: SMIC 0981

Postby winston » Thu Jul 23, 2020 2:43 pm

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July 6, 2020

GF Securities: SMIC H-Shr Fair Value $43.6; Sci-Tech Board IPO Offers Long-term Positive Feedback to H-Shr

SMIC (00981.HK) announced to issue 1.686 billion shares at RMB27.46 each on Sci-Tech Board, possibly raising RMB46.287 billion, reported GF Securities.

The broker maintained SMIC at Buy, with a fair value of $43.6.

Based on the above offer price, GF Securities raised SMIC's fair valuation (P/B ratio) to 3x.

Listing on Sci-Tech Board may offer a long-term positive feedback to SMIC's H shares, the broker opined.

Source: AAStocks Financial News
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Re: SMIC 0981

Postby winston » Tue Aug 04, 2020 8:50 am

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SMIC
Increasing investment in mature nodes


SMIC and BDAC will set up a JV and invest US$7.6bn to build a new fab focusing on ICs 28nm and above.

The new fab will increase production capacity by 110% for 28nm to 65nm nodes in FY23F and enhance production scale.

Reiterate Add and TP of HK$37.20, based on 2.5x P/BV in FY21F.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C204548646
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Re: SMIC 0981

Postby winston » Fri Aug 07, 2020 7:16 am

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SMIC surges sixfold to record US$138m

Semiconductor Manufacturing International Corporation (0981) saw its net profit surge sixfold from a year ago to a record US$138 million (HK$1.08 billion) in the second quarter this year, driven by rising demand for node technology platforms.

The second-quarter profit expanded 1.15 times compared with the first three months this year.

Basic earnings per share for the three months ended June were 3 US cents.

Revenue grew 3.7 percent quarter-on-quarter, or up by 18.7 percent year-on-year, to US$938.5 million.

The company's gross profit margin also climbed by 7.4 percentage points to 26.5 percent in the second quarter.

The major semiconductor maker on the mainland expects its third-quarter revenue will continue to grow by 1-3 percent quarter-on-quarter, with a forecast gross profit margin at between 19 percent and 21 percent.

The operating expenses for the third quarter this year could range from US$220 million to US$235 million.

Zhao Haijun and Liang Mong Song, SMIC's co-chief executives, said its expansion plan will be released gradually.

Third-quarter revenue is expected to reach another record high.

Source: The Standard

https://www.thestandard.com.hk/section- ... rd-US$138m
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Re: SMIC 0981

Postby winston » Sat Sep 05, 2020 12:08 pm

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Trump administration weighs blacklisting China's chipmaker SMIC

by Idrees Ali, Alexandra Alper & Karen Freifeld

WASHINGTON (Sept 4): The Trump administration is considering whether to add China's top chipmaker SMIC to a trade blacklist, a Defense Department official said on Friday, as the United States escalates its crackdown on Chinese companies.

A Pentagon spokeswoman said the Defense Department was working with other agencies to determine whether to make the move against Semiconductor Manufacturing International Corporation, which would force U.S. suppliers to seek a difficult-to-obtain license before shipping to the company.

SMIC and the Chinese Embassy in Washington did not immediately respond to requests for comment.

Earlier this week, the Pentagon made a proposal to place SMIC on the entity list to the End User Committee, a panel led by the Commerce Department that also includes the State and Energy Departments and makes decisions about entity listings, a person familiar with the matter said. It was not clear whether the other agencies supported the plan.

The Trump administration has often used the entity list - which now includes more than 275 China-based firms - to hit key Chinese industries, from telecoms equipment giants Huawei Technologies and ZTE over sanction violations, to surveillance camera maker Hikvision over suppression of China's Uighur minority.

SMIC is the largest Chinese chip manufacturer but is second-tier to rival Taiwan Semiconductor Manufacturing Co Ltd , the industry's market leader. It has sought to build out foundries for the manufacture of computer chips that can compete with TSMC.

But it is also facing new restrictions from Commerce that require Huawei's chip manufacturers to seek U.S. licenses before producing chips for the telecoms giant, if they rely on U.S. chipmaking technology. SMIC is one of Huawei's manufacturers.

U.S. companies including Lam Research, KLA Corp and Applied Materials, which supply key chipmaking equipment, could be impacted by a potential entity listing, industry sources said.

While the Pentagon official did not outline the reasons for the action, SMIC's relationship to the Chinese military is under scrutiny, another U.S. official and two former officials briefed on the matter said.

The administration has increasingly trained its focus on Chinese companies that bolster Beijing's military. Last month, the United States blacklisted 24 Chinese companies and targeted individuals it said were part of construction and military actions in the South China Sea, its first such sanctions against Beijing over the disputed strategic waterway.

The Defense Department has released two lists of Chinese companies in the past few months that it claims are owned or controlled by the People's Liberation Army. The designation gives President Donald Trump the authority to place them on an even tougher blacklist but so far no action has been taken.

Source: The Edge

https://www.theedgemarkets.com/article/ ... maker-smic
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Re: SMIC 0981

Postby winston » Tue Sep 29, 2020 7:38 am

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US clamp sends SMIC shares lower

by Stella Zhai

Shares of Semiconductor Manufacturing International (0981) could fall by as much as 40 percent following US restrictions on exports to China's biggest chip maker, over alleged military ties, financial firm Morningstar forecast.

The Shanghai-listed shares of SMIC fell 7 percent yesterday while the Hong Kong-traded stock fell 3.88 percent to HK$17.86.

Morningstar analyst Kaz Ito said SMIC's ability to introduce more advanced production nodes will be impaired if the ban is realized, as the overwhelming majority of its manufacturing equipment is sourced from the US, Japan and Europe.

The institution maintained its target price at HK$23.

Credit Suisse lowered the target price from HK$22.50 to HK$17, with an estimate that the stock would underperform and Macquarie analysts also cut the valuation from HK$16.77 to HK$14.60.

Source: The Standard

https://www.thestandard.com.hk/section- ... ares-lower
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