[ET Net News Agency, 12 January 2021] Goldman Sachs lifted its target price for Hua
Hong Semiconductor (01347) to HK$48 from HK$43.3 and maintained its "buy" rating.
The research house raised its ASP assumption for Hua Hong 8" wafers, given the foundry
capacity supply tightness and strong demand from local customers in IGBT, MOSFET, PMIC,
MCU, etc., which should drive a better product mix.
Goldman also expects Hua Hong's GM to recover this year on the back of a better 8" wafer
ASP and 12" fab utilization ramp-up. With better ASP, it expects Hua Hong's 8" fab GM to
improve from 26% in 2020 to 33% in 2021. Accordingly, Goldman raised its 2021-28 revenue
by 2-3%, operating profit by 10-54%, and net profit by 9-14%. (KL)
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01347 HUA HONG SEMI
Nominal 
14.500 -0.240 (-1.628%) Research Report
12/01/2021 16:45
{I-bank focus}Goldman lifts Hua Hong Semi (01347) to HK$48
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