0333 GMT - Semiconductor Manufacturing International Corp.'s share price in Hong Kong likely fully reflects its upward potential, Bocom International analysts say in a note. SMIC's 4Q revenue was better than expected, which management attributed to China's goods and equipment trade-in subsidies and the rush to place orders amid tariff uncertainties. However, the bank cuts SMIC to neutral from buy as high capex could weigh on margins and downstream demand is uncertain. It lifts SMIC's target price to HK$48.00 from HK$32.00 after a recent rally. SMIC's H-shares have gained amid the chip cycle upswing and other positive factors like chip production localization, more liquidity in Hong Kong's stock market and Chinese AI firm DeepSeek's breakthrough, but the positives look priced in. Shares last up 0.5% at HK$48.20. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
February 12, 2025 22:33 ET (03:33 GMT)
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