China's Hua Hong jumps most in eight weeks on robust Q1 results

Hua Hong Grace Semiconductor

13/05/2022 05:48

** Shares of China's semiconductor wafer maker Hua Hong
Semiconductor Ltd  1347.HK  jump as much as 11.2% to HK$27.35 -
set to mark best day since March 17, if gains hold
    ** Stock hits the highest level since May 6; biggest pct
gainer in the Hang Seng Tech Index  .HSTECH  and the Hang Seng
sub-index on information technology firms  .HSCIIT 
    ** Co says Q1 net profit jumped 211.4% y/y to $102.9 mln,
with revenue up 95.1% at $594.6 mln  urn:newsml:reuters.com:*:nFWN2X405M
    ** Co expects Q2 revenue at about $615 mln 
    ** Jefferies keeps "buy" rating, saying 1Q22 results beat
estimates
    ** However, it trims PT to HK$39.38 from HK$55.20 on
expectation China foundries will likely face headwinds in supply
chain
    ** The Hang Seng sub-index tracking information technology
firms jumps 3.6%, and the Hang Seng Tech Index soars 3.9%
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  both rise 2%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))