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Yeah at $1.05 it was a good time to short indeed!
SupremeA ( Date: 31-Jul-2008 22:08) Posted:
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Don't avoid. short it!!
Livermore ( Date: 31-Jul-2008 22:00) Posted:
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Avoid
I think this counter may hit 50 cents soon.
zhuge_liang ( Date: 31-Jul-2008 00:16) Posted:
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"Disappointing earnings" seem to be the norm for this counter.
zhuge_liang ( Date: 31-Jul-2008 00:16) Posted:
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Chartered Semiconductor heads lower, underperforms market as worries on outlook continue to weigh. The wafer fabrication firm recently reported 2Q08 results, expects to make loss in 3Q08, warned margin pressure to continue, growth moderating; "we view 3Q08 guidance as disappointing," says UBS. Broker slashes target price to $0.65 from $0.85, maintains Neutral rating; says, "we see limited catalysts for the share price in the near term."
Chartered off 2.4% at 52-week low of $0.61 as slump in earnings of bigger Taiwanese rival UMC further fuels concerns of tough outlook for chipmakers. UMC reports 51% on-year slump in 2Q08 net profit to NT$2.4 billion due to lower sales, weaker margins; result largely in line with average NT$2.28 billion tipped in Dow Jones Newswires poll. UMC's guidance for tough 3Q08 due to global economic slowdown indicates chip companies in for rough ride in coming months, suggests more downside for Chartered shares.
Holy moly!
What happened to CSM today?
down down, uncommon to see sell ratings in so many reports, but for csm *sigh*
Lol. Ok.I won't dare to go in tho.
i see some 500 lots buy up at 0.62.. anyway, Temasek wont let it die... they will support all the way... somemore, who knows there would be rumours again, what AMD merge with Chartered, then, another rally to 0.90... always like that one la..
jackjames, it seems v risky to buy at 0.575. Are you sure you don't want to see how it plays out todaY? It's collapsing!
The semiconductor industry is cutthroat. I read this bloomberg markets report that said that they were making losses even when they fixed prices
history low today at 0.625... i am on the queue at 0.575...
DBS Vickers downgrades Chartered Semiconductor to Fully Valued from Hold, cuts target price to $0.66 from $0.86. Says margins remain pressured by intense competition, cost escalation. Notes 2Q08 net loss of US$6.1 million (excluding US$49.5 million tax benefit) sharply lower than chipmaker's previous earnings guidance of up to US$11 million. Forecasts FY08 net loss of US$20 million vs US$35 million net profit tipped previously, based on muted guidance from management. Company expects net loss of US$29 million in 3Q08.
DMG upgrades Chartered Semiconductor Manufacturing to Neutral from Sell on view valuations justify current share price levels. But notes chipmaker not out of the woods as margins expected to be hurt by high oil prices, weakening USD, increased raw material costs; "revenue growth is expected to be toned down in the next half while the company is projected to post a US$29 million loss in the third quarter." Trims target price to $0.69, based on industry average of 0.7X P/B, from $0.715.
CIMB cuts Chartered Semiconductor target price to $0.78 from $0.87; maintains Neutral rating. Broker says 2Q08 results below expectations, reported figure boosted by tax benefit, but would have posted loss excluding this. Says lower-than-expected gross margin, higher interest expense are main reasons for shortfall. Adds 3Q08 guidance disappointing, cuts FY08-FY10 earnings estimates by 6-95% to reflect rising energy costs, higher depreciation charges. Says new target price represents price/book multiple of 0.93x vs 1.0x previously; 5-year mean is 1.26x.
UOB KayHian downgrades Chartered Semiconductor Manufacturing to Sell from Hold, cuts target price to $0.58 from $0.83, citing pressure on chipmaker''s margins due to weak demand, falling USD, higher commodities prices. Says decision to increase capex to US$750 million from US$590 million risky given bleak outlook; "in the past, it takes a long time to turn a leading technology into production and profit. Moreover, as the customers may cut down forecast on soft demand, the 45-nanometer (technology) may miss Chartered''s expectation in 2009."
Macquarie downgrades Chartered Semiconductor Manufacturing to Underperform from Outperform, cuts target price to $0.58 from $0.98. Expects investors to fret over chipmaker''s higher-than-expected capex levels, falloff in revenue momentum; "we are rather concerned that the reduced momentum for its legacy nodes - a reduction of nearly 7% quarter-on-quarter for third quarter 2008 in what is traditionally the peak quarter for such products - implies weakness for the market for mass electronics."
Credit Suisse cuts Chartered Semiconductor target price to $0.60 from $1.02, maintains Neutral rating. Broker says recent 2Q08 results in line with expectations but guidance for 3Q08 disappointing as gross margins expected to fall on slowing wafer starts, depreciating value of assets. Warns 4Q08 may get worse due to rising electricity costs, increased capex, higher depreciation. Says, "given the deeper losses, weak macro, and higher capex, we believe the share price may remain muted for a while." But maintains Neutral rating as says price/book valuation already near historical trough at 0.8x