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<Research>JPM Downgrades SMIC (00981.HK) to Underweight, Elevates TP to $32
Recommend 12 Positive 18 Negative 16 |
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SMIC (00981.HK) saw its share price hike recently, driven by localization in China and a better 1FQ25 outlook, JPMorgan released a research report saying. Its valuation is now on par with that of its A-share IPO in mid-2020. JPMorgan downgraded SMIC from Neutral to Underweight, and elevated its target price for the stock's H-shares from $24 to $32. The broker believed that sequential growth momentum may weaken starting from 2FQ25, as the pre-build momentum eases. Meanwhile, once more capacity comes online for SMIC and its Chinese foundry competitors, pricing may become more difficult, keeping the Company's gross profit margins below 20%. AAStocks Financial News |
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