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<Research>Brokers' Latest Ratings, TPs, Views on HUA HONG SEMI
Recommend 13 Positive 17 Negative 13 |
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AASTOCKS Financial News has compiled the latest investment ratings, target prices and views from six brokers on HUA HONG SEMI (01347.HK) as follows: Brokers | Ratings | TPs | Summary of Key Views BOCI | Buy | HKD116.5 -> 152.4 1Q results were mediocre, but the broker remained positive on the domestic computing power industry chain. AI spillover effects and price hikes were expected to underpin 2026 outlook. CLSA | Outperform | HKD129.5 -> 147.6 1Q results and 2Q guidance were largely in line. Fab 9A is set to complete its capacity ramp-up in 3Q26 and the company is actively exploring new areas such as compound semiconductors and silicon photonics supported by AI demand. Nomura | Neutral | HKD100 1Q revenue met expectations but gross margin hit the lower end of guidance. Management guided that higher ASP and increased wafer shipments in 2Q will support QoQ revenue growth of 5%. The acquisition of HLMC Fab 5 and the expansion of Wuxi Fab 9B are progressing smoothly and have not been affected by US export controls. Morgan Stanley | Equalweight | HKD88 1Q results met expectations, but 2Q revenue outlook is weak. The company was expected to continue ramping up Fab 9B capacity this year. Strong demand for power ICs driven by China's AI infrastructure will support its positioning in mature-node foundry services. Daiwa | Buy | Not mentioned 1Q net profit surged 4.6x YoY due to a low base effect, in line. Gross margin was expected to expand in 2Q, driven by higher ASP and shipment growth. Fab 9B capacity expansion is progressing smoothly, with no disruption to equipment procurement. BNP Paribas | Underperform | HKD41.8 1Q gross margin disappointed due to lower capacity utilization. Geopolitical headwinds may hinder the expansion of advanced nodes at its sister company HLMC and reduce potential benefits from asset injection. From 2027 onwards, Fab 9B expansion was expected to bring higher depreciation and margin pressure. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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