SMIC Well Placed to Capitalize on China's Accelerating Chip Localization -- Market Talk

Dow Jones

2025/05/12

0223 GMT - SMIC is well positioned to capitalize on China's accelerating chip localization, DBS analyst Jim Au says in a research note. DBS expects SMIC's earnings to recover to $945 million this year despite pressure on average selling prices for wafers and rising depreciation expenses, the analyst says. Improving consumer electronics and smartphone end-market demand, alongside new product launches in China, are expected to outweigh this margin drag. Au thinks SMIC's utilization rate has bottomed out and will remain above 89% versus the global average of 76% in 2025. DBS upgrades SMIC's A-share rating to hold from sell and raises its target price to CNY83.00 from CNY50.01. Shares are last at CNY85.90. (sherry.qin@wsj.com)

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May 11, 2025 22:23 ET (02:23 GMT)

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DBS expects SMIC's earnings to recover to $945 million this year despite pressure on average selling prices for wafers and rising depreciation expenses, the analyst says. Improving consumer electronics and smartphone end-market demand, alongside new product launches in China, are expected to outweigh this margin drag. Au thinks SMIC's utilization rate has bottomed out and will remain above 89% versus the global average of 76% in 2025. DBS upgrades SMIC's A-share rating to hold from sell and raises its target price to CNY83.00 from CNY50.01. Shares are last at CNY85.90. 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