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<Research>Daiwa Downgrades SMIC (00981.HK) to Sell, Hikes TP to $29
Recommend 13 Positive 38 Negative 20 |
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In its report, Daiwa revised down its forecast for SMIC (00981.HK)'s 2026 results, as the broker shares the management's concern that demand pull-in could weigh on its 2026 business. The company's unusually high and long capex cycle also exacerbates the broker’s concerns about depreciation and geopolitical burdens, which may exert pressure on its structural profitability. Coupled with overstretched valuations, the broker lowered its rating on SMIC from Hold to Sell, and raised its target price from $27 to $29. The broker advised investors to withdraw and wait for valuations to reset. AAStocks Financial News |
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