BofAS Raises HUA HONG SEMI TP to HKD63, Reiterates Underperform
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BofAS has raised HUA HONG SEMI's target price from HKD61 to HKD63 while maintaining an Underperform rating. The company reported 1Q revenue of USD661 million, flat QoQ but up 22% YoY, with a gross margin of 13%. Despite a forecasted ASP growth of 10% to 15% YoY, the bank sees insufficient earnings recovery potential, projecting gross margins of 18% to 19% in 2H26.
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