HK : SMIC - Profitability to remain weak in FY22-23F

1Q21F could reach US$80m, c.30% better than our forecast, due to robust customer demand for mature nodes while GPM remains under pressure. We are conservative on its advance node-technology development due to US export restrictions as well as increasing RD and DA expenses. We upgrade SMIC from Reduce to Hold on improved short-term profitability.

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