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Semiconductor Manufacturing International Corporation

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SMI.N

ISIN: US81663N2062
SEDOL: 2429409

Rating:

HOLD

Target Price:

1.66 USD

Investment Horizon:

6 to 12 months
30th Jun 2009 View Report   Download

Company News Alert

On 29 June 2009, Semiconductor Manufacturing International Corporation (SMIC) revised upwards its sales guidance for 2Q 09, reflecting strong growth in customer orders due to robust demand from the Chinese market. The company's revised guidance is higher than our previous expectations, and we plan to revise our estimates and target price in line with Management's current guidance....

21st May 2009 View Report   Download

Company News Alert

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 the launch of 65-nm low leakage process IPs....

30th Apr 2009 View Report   Download

1Q 09 News Alert

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 deteriorate drastically. Management’s guidance is higher than our previous expectations and we are likely to…

14th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

For the first time since FY 2003, SMIC experienced a y-o-y decline in annual sales in FY 2008. On 25 February 2009 Gartner Inc. forecast the semiconductor industry to experience a further decline of 24.1% y-o-y in 2009. We believe that foundries will broadly underperform the semiconductor industry in 2009 due to the significant shortfall in demand, evident in Management’s expectation of a 50% q-oq decline in…

6th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

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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 market in FY 2009 to…