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<Research>CLSA Keeps Rating at Outperform for HUA HONG SEMI (01347.HK), Optimistic About Semiconductor Demand Improvement
HUA HONG SEMI (01347.HK)'s 2Q25 revenue was US$566 million, up 4.6% QoQ, approaching the upper end of the Group's guidance of US$550-570 million, according to CLSA's re...
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<Research>CLSA Keeps Rating at Outperform for HUA HONG SEMI (01347.HK), Optimistic About Semiconductor Demand Improvement
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HUA HONG SEMI (01347.HK)  0.000 (0.000%)    Short selling $179.42M; Ratio 14.764%   's 2Q25 revenue was US$566 million, up 4.6% QoQ, approaching the upper end of the Group's guidance of US$550-570 million, according to CLSA's research report.

Gross margin for the period was 10.9%, an improvement of 1.7 ppts from 1Q25, ahead of the guidance of 7-9%. Capacity utilization rate increased by 5.6 ppts to 108.3%, with net profit recorded at US$8 million, up 112.1% QoQ, still below the market consensus of US$12.8 million.

Furthermore, CLSA expected HUA HONG SEMI's 4Q25 gross margin to maintain its 3Q25 level, and was optimistic about the smooth progress of the Group's 12-inch wafer Fab 9 output expansion, with new output expected to come online in 2027.

Based on the improvement in semiconductor demand and potential domestic substitution, the broker raised its 2026/ 2027 earnings forecasts for HUA HONG SEMI by 18%/ 12%, each, and reduced its 2025 earnings forecast by 31% due to increased taxes. CLSA kept rating at Outperform, and lifted its target price from $36.9 to $50.5.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-10 16:25.)

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