Bank of America Securities: Reaffirmed hua hong semi's "underperform" rating with the target price raised to 17.8 Hong Kong dollars.
Bank of America Securities published a research report stating that it raised the target price for hua hong semi (01347) from 12 Hong Kong dollars to 17.8 Hong Kong dollars, as the average selling price of the company's chips is expected to be close to the end of its decline, reflected in a 1% increase in the average selling price in the third quarter; if local competition eases, an increase in shipment volume and price of 11% and 8% respectively is expected by 2026. However, the bank believes that the average selling price and gross margin of hua hong chips will remain weak before the first half of 2025, which is more cautious than market expectations. Therefore, the bank reaffirms its rating of 'underperforming the market' for hua hong. The bank noted that attention should be paid to the inventory of domestic non-founding semiconductor companies in the third quarter.
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