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<Research>BOCOMI: HUA HONG SEMI 2Q Rev. Guidance In Line; TP Added to $37
Recommend 11 Positive 15 Negative 6 |
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HUA HONG SEMI (01347.HK)'s management provided 2Q25 revenue guidance of USD550-570 million, aligning with expectations, BOCOM International’s research report noted. However, the gross margin guidance of 7-9%, with a midpoint of 8%, represented a decline from the previous quarter and fell below the broker's expectations. The report highlighted that the company’s Fab 9 started contributing capacity in 1Q25, with an estimated additional 10,000 wafers of 12-inch monthly capacity. The broker lifted its target price for the stock from HKD32 to HKD37, maintaining a Buy rating. However, it trimmed its revenue forecasts for 2025 and 2026 from USD2.35 billion and USD2.8 billion to USD2.29 billion and USD2.77 billion, respectively. Gross margin forecasts were also revised down from 13.1% and 16.9% to 9.2% and 14.9% for 2025 and 2026, respectively. AAStocks Financial News |
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