Semiconductor Manufacturing International Corporation’s (SMIC) ADR price has appreciated significantly since our 4Q 08 and FY 2008 update report dated 14 April 2009, reflecting a general improvement in global investor confidence, particularly for semiconductor stocks supplying China, the impact of the strong order book recovery and improved outlook, with profit targeted for next year, and [...]
Semiconductor Manufacturing International Corporation’s (SMIC) 1Q 09 performance deteriorated significantly, but was better than we had expected. Management has highlighted a strong order recovery and expects the utilization rate to double over 2Q 09. It has also indicated that it expects to achieve profitability by the end of the year if market conditions do not [...]
Semiconductor Manufacturing International Corporation (SMIC) experienced a significant sales decline in 4Q 08. Lower fab utilization also impacted the company’s earnings, leading to loss at the gross level. While sales in 4Q 08 were in line with our estimate, losses were higher across the board. Although we expect the company’s focus on the Chinese semiconductor [...]
Semiconductor Manufacturing International Corporation’s (SMIC) ADR price has appreciated significantly since our company news alert, dated 15 December 2008, following news that the company intends to increase its focus on the Chinese economy, which is expected to benefit from a recently announced Chinese government economic stimulus package. Although we expect SMIC to benefit from a [...]
Semiconductor Manufacturing International Corporation’s (SMIC) ADR price has appreciated significantly since we downgraded the rating to a SELL in our company news alert dated 10 December 2008. The price rally can be attributed partially to improved sentiment towards semiconductor stocks in general (reflected in the Philadelphia Semiconductor Index) but mainly to the company in [...]
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