Intrinsic value of Semiconductor Manufacturing Internationa - SMI

Previous Close

$4.31

  Intrinsic Value

$121.66

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  Rating & Target

str. buy

+999%

Previous close

$4.31

 
Intrinsic value

$121.66

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SMI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  3,300
  3,506
  3,721
  3,945
  4,179
  4,422
  4,676
  4,941
  5,218
  5,508
  5,810
  6,126
  6,456
  6,802
  7,164
  7,543
  7,940
  8,355
  8,790
  9,247
  9,725
  10,226
  10,751
  11,302
  11,880
  12,486
  13,121
  13,788
  14,487
  15,221
Variable operating expenses, $m
  2,915
  3,095
  3,283
  3,479
  3,683
  3,896
  4,118
  4,349
  4,591
  4,844
  5,076
  5,353
  5,641
  5,943
  6,260
  6,591
  6,937
  7,300
  7,681
  8,079
  8,497
  8,935
  9,394
  9,875
  10,380
  10,910
  11,465
  12,047
  12,659
  13,300
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,915
  3,095
  3,283
  3,479
  3,683
  3,896
  4,118
  4,349
  4,591
  4,844
  5,076
  5,353
  5,641
  5,943
  6,260
  6,591
  6,937
  7,300
  7,681
  8,079
  8,497
  8,935
  9,394
  9,875
  10,380
  10,910
  11,465
  12,047
  12,659
  13,300
Operating income, $m
  385
  411
  438
  466
  496
  527
  559
  592
  627
  664
  733
  773
  815
  859
  904
  952
  1,002
  1,055
  1,110
  1,167
  1,228
  1,291
  1,357
  1,427
  1,500
  1,576
  1,656
  1,741
  1,829
  1,921
EBITDA, $m
  1,356
  1,441
  1,530
  1,622
  1,718
  1,818
  1,922
  2,031
  2,145
  2,264
  2,388
  2,518
  2,654
  2,796
  2,945
  3,100
  3,263
  3,434
  3,613
  3,801
  3,997
  4,203
  4,419
  4,645
  4,883
  5,132
  5,393
  5,667
  5,955
  6,256
Interest expense (income), $m
  28
  179
  200
  223
  246
  271
  297
  323
  351
  380
  411
  442
  475
  510
  546
  584
  624
  665
  709
  755
  802
  852
  905
  960
  1,017
  1,078
  1,141
  1,207
  1,277
  1,350
  1,427
Earnings before tax, $m
  206
  211
  215
  220
  225
  230
  235
  241
  247
  253
  291
  298
  305
  312
  320
  328
  337
  346
  355
  365
  375
  386
  398
  409
  422
  435
  449
  463
  479
  495
Tax expense, $m
  56
  57
  58
  59
  61
  62
  64
  65
  67
  68
  79
  80
  82
  84
  86
  89
  91
  93
  96
  99
  101
  104
  107
  111
  114
  117
  121
  125
  129
  134
Net income, $m
  150
  154
  157
  160
  164
  168
  172
  176
  180
  185
  213
  217
  223
  228
  234
  240
  246
  252
  259
  266
  274
  282
  290
  299
  308
  318
  328
  338
  349
  361

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,185
  11,885
  12,615
  13,374
  14,166
  14,991
  15,852
  16,751
  17,689
  18,670
  19,694
  20,765
  21,886
  23,058
  24,285
  25,569
  26,914
  28,322
  29,798
  31,344
  32,965
  34,663
  36,444
  38,312
  40,270
  42,324
  44,479
  46,739
  49,110
  51,598
Adjusted assets (=assets-cash), $m
  11,185
  11,885
  12,615
  13,374
  14,166
  14,991
  15,852
  16,751
  17,689
  18,670
  19,694
  20,765
  21,886
  23,058
  24,285
  25,569
  26,914
  28,322
  29,798
  31,344
  32,965
  34,663
  36,444
  38,312
  40,270
  42,324
  44,479
  46,739
  49,110
  51,598
Revenue / Adjusted assets
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
Average production assets, $m
  6,672
  7,090
  7,524
  7,977
  8,450
  8,942
  9,456
  9,992
  10,551
  11,136
  11,747
  12,386
  13,055
  13,754
  14,486
  15,252
  16,054
  16,894
  17,774
  18,697
  19,663
  20,676
  21,739
  22,853
  24,021
  25,246
  26,531
  27,879
  29,294
  30,778
Working capital, $m
  -165
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -323
  -340
  -358
  -377
  -397
  -418
  -440
  -462
  -486
  -511
  -538
  -565
  -594
  -624
  -656
  -689
  -724
  -761
Total debt, $m
  3,708
  4,127
  4,564
  5,019
  5,493
  5,987
  6,503
  7,041
  7,603
  8,191
  8,804
  9,446
  10,117
  10,819
  11,554
  12,323
  13,129
  13,973
  14,857
  15,783
  16,753
  17,771
  18,838
  19,956
  21,129
  22,360
  23,650
  25,004
  26,425
  27,915
Total liabilities, $m
  6,700
  7,119
  7,556
  8,011
  8,485
  8,980
  9,495
  10,034
  10,596
  11,183
  11,797
  12,439
  13,110
  13,812
  14,547
  15,316
  16,121
  16,965
  17,849
  18,775
  19,746
  20,763
  21,830
  22,949
  24,122
  25,352
  26,643
  27,997
  29,417
  30,907
Total equity, $m
  4,485
  4,766
  5,058
  5,363
  5,680
  6,011
  6,357
  6,717
  7,093
  7,487
  7,897
  8,327
  8,776
  9,246
  9,738
  10,253
  10,792
  11,357
  11,949
  12,569
  13,219
  13,900
  14,614
  15,363
  16,148
  16,972
  17,836
  18,742
  19,693
  20,691
Total liabilities and equity, $m
  11,185
  11,885
  12,614
  13,374
  14,165
  14,991
  15,852
  16,751
  17,689
  18,670
  19,694
  20,766
  21,886
  23,058
  24,285
  25,569
  26,913
  28,322
  29,798
  31,344
  32,965
  34,663
  36,444
  38,312
  40,270
  42,324
  44,479
  46,739
  49,110
  51,598
Debt-to-equity ratio
  0.830
  0.870
  0.900
  0.940
  0.970
  1.000
  1.020
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.350
Adjusted equity ratio
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  154
  157
  160
  164
  168
  172
  176
  180
  185
  213
  217
  223
  228
  234
  240
  246
  252
  259
  266
  274
  282
  290
  299
  308
  318
  328
  338
  349
  361
Depreciation, amort., depletion, $m
  971
  1,030
  1,092
  1,155
  1,222
  1,291
  1,364
  1,439
  1,518
  1,600
  1,655
  1,745
  1,839
  1,937
  2,040
  2,148
  2,261
  2,379
  2,503
  2,633
  2,769
  2,912
  3,062
  3,219
  3,383
  3,556
  3,737
  3,927
  4,126
  4,335
Funds from operations, $m
  1,122
  1,184
  1,249
  1,316
  1,386
  1,459
  1,535
  1,615
  1,698
  1,785
  1,867
  1,962
  2,061
  2,165
  2,274
  2,388
  2,507
  2,632
  2,763
  2,900
  3,043
  3,194
  3,352
  3,518
  3,691
  3,873
  4,065
  4,265
  4,475
  4,696
Change in working capital, $m
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
Cash from operations, $m
  1,132
  1,194
  1,259
  1,327
  1,398
  1,471
  1,548
  1,628
  1,712
  1,799
  1,882
  1,978
  2,078
  2,182
  2,292
  2,407
  2,527
  2,653
  2,784
  2,923
  3,067
  3,219
  3,378
  3,545
  3,720
  3,904
  4,096
  4,298
  4,510
  4,733
Maintenance CAPEX, $m
  -883
  -940
  -999
  -1,060
  -1,124
  -1,190
  -1,259
  -1,332
  -1,407
  -1,486
  -1,568
  -1,655
  -1,745
  -1,839
  -1,937
  -2,040
  -2,148
  -2,261
  -2,379
  -2,503
  -2,633
  -2,769
  -2,912
  -3,062
  -3,219
  -3,383
  -3,556
  -3,737
  -3,927
  -4,126
New CAPEX, $m
  -400
  -418
  -435
  -453
  -472
  -492
  -514
  -536
  -560
  -585
  -611
  -639
  -668
  -699
  -732
  -766
  -802
  -840
  -880
  -922
  -967
  -1,013
  -1,062
  -1,114
  -1,168
  -1,225
  -1,285
  -1,348
  -1,414
  -1,484
Cash from investing activities, $m
  -1,283
  -1,358
  -1,434
  -1,513
  -1,596
  -1,682
  -1,773
  -1,868
  -1,967
  -2,071
  -2,179
  -2,294
  -2,413
  -2,538
  -2,669
  -2,806
  -2,950
  -3,101
  -3,259
  -3,425
  -3,600
  -3,782
  -3,974
  -4,176
  -4,387
  -4,608
  -4,841
  -5,085
  -5,341
  -5,610
Free cash flow, $m
  -152
  -163
  -174
  -186
  -198
  -211
  -225
  -240
  -255
  -272
  -297
  -316
  -335
  -355
  -377
  -400
  -423
  -449
  -475
  -503
  -533
  -564
  -596
  -631
  -667
  -705
  -745
  -787
  -831
  -877
Issuance/(repayment) of debt, $m
  392
  419
  437
  455
  474
  494
  516
  538
  562
  587
  614
  642
  671
  702
  735
  769
  806
  844
  884
  926
  971
  1,018
  1,067
  1,119
  1,173
  1,230
  1,291
  1,354
  1,420
  1,490
Issuance/(repurchase) of shares, $m
  118
  127
  135
  144
  153
  163
  174
  185
  196
  209
  198
  212
  227
  242
  258
  275
  293
  312
  332
  354
  376
  399
  424
  450
  477
  506
  536
  568
  601
  637
Cash from financing (excl. dividends), $m  
  510
  546
  572
  599
  627
  657
  690
  723
  758
  796
  812
  854
  898
  944
  993
  1,044
  1,099
  1,156
  1,216
  1,280
  1,347
  1,417
  1,491
  1,569
  1,650
  1,736
  1,827
  1,922
  2,021
  2,127
Total cash flow (excl. dividends), $m
  358
  383
  398
  413
  429
  446
  464
  483
  503
  524
  515
  538
  563
  589
  616
  645
  675
  707
  741
  777
  814
  853
  895
  938
  984
  1,032
  1,082
  1,135
  1,191
  1,250
Retained Cash Flow (-), $m
  -268
  -281
  -292
  -305
  -317
  -331
  -345
  -360
  -376
  -393
  -411
  -430
  -449
  -470
  -492
  -515
  -539
  -565
  -592
  -620
  -650
  -681
  -714
  -749
  -785
  -824
  -864
  -906
  -951
  -998
Prev. year cash balance distribution, $m
  951
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,041
  103
  106
  109
  112
  115
  119
  123
  127
  131
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
  252
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  998
  94
  92
  89
  87
  84
  80
  77
  73
  69
  49
  46
  43
  40
  36
  33
  30
  26
  23
  20
  17
  14
  12
  10
  8
  6
  5
  4
  3
  2
Current shareholders' claim on cash, %
  96.2
  92.4
  88.8
  85.4
  82.0
  78.8
  75.7
  72.6
  69.7
  66.9
  64.5
  62.1
  59.8
  57.5
  55.3
  53.2
  51.1
  49.0
  47.1
  45.2
  43.3
  41.5
  39.8
  38.1
  36.5
  34.9
  33.4
  32.0
  30.6
  29.2

Semiconductor Manufacturing International Corporation is an investment holding company principally engaged in the computer-aided design, manufacture, packaging and trading of integrated circuits (IC), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks. The Company’s main products are various types of wafers. The Company distributes its products in domestic market and to overseas markets, such as the Europe and the United States.

FINANCIAL RATIOS  of  Semiconductor Manufacturing Internationa (SMI)

Valuation Ratios
P/E Ratio 48.6
Price to Sales 6.3
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow -9.8
Growth Rates
Sales Growth Rate 30.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 124%
Cap. Spend. - 3 Yr. Gr. Rate 29.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 58.1%
Total Debt to Equity 74.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 36.7%
EBITDA Margin - 3 Yr. Avg. 35.8%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. 3.6%
Payout Ratio 0%

SMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMI stock intrinsic value calculation we used $3101.175 million for the last fiscal year's total revenue generated by Semiconductor Manufacturing Internationa. The default revenue input number comes from 0001 income statement of Semiconductor Manufacturing Internationa. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SMI stock valuation model: a) initial revenue growth rate of 6.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SMI is calculated based on our internal credit rating of Semiconductor Manufacturing Internationa, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Semiconductor Manufacturing Internationa.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SMI stock the variable cost ratio is equal to 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SMI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Semiconductor Manufacturing Internationa.

Corporate tax rate of 27% is the nominal tax rate for Semiconductor Manufacturing Internationa. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SMI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SMI are equal to 202.2%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Semiconductor Manufacturing Internationa operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SMI is equal to -5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5168.96 million for Semiconductor Manufacturing Internationa - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 14.644 million for Semiconductor Manufacturing Internationa is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Semiconductor Manufacturing Internationa at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ SMIC: 3Q Earnings Snapshot   [Nov-07-18 10:03AM  Associated Press]
▶ SMIC Reports 2018 Third Quarter Results   [07:29AM  PR Newswire]
▶ SMIC Reports 2018 Third Quarter Results   [05:00AM  PR Newswire]
▶ SMIC Announces Unaudited 2018 Interim Results   [Aug-30-18 07:50AM  PR Newswire]
▶ SMIC: 2Q Earnings Snapshot   [Aug-09-18 06:46AM  Associated Press]
▶ SMIC Reports 2018 Second Quarter Results   [06:32AM  PR Newswire]
▶ [$$] China seeks semiconductor security in wake of ZTE ban   [Jun-18-18 12:00AM  Financial Times]
▶ SMIC: 1Q Earnings Snapshot   [May-09-18 06:19AM  Associated Press]
▶ SMIC Reports 2018 First Quarter Results   [06:00AM  PR Newswire]
▶ SMIC Announces 2017 Annual Results   [Mar-29-18 10:55AM  PR Newswire]
▶ SMIC Announces 2017 Annual Results   [06:00AM  PR Newswire]
▶ SMIC posts 4Q profit   [Feb-08-18 06:09AM  Associated Press]
▶ SMIC Reports 2017 Fourth Quarter Results   [05:53AM  PR Newswire]
▶ SMIC Reports 2017 Fourth Quarter Results   [05:32AM  PR Newswire]
▶ SMIC posts 3Q profit   [06:53AM  Associated Press]
▶ SMIC Reports 2017 Third Quarter Results   [05:30AM  PR Newswire]
▶ Invensas DBI Technology Now Available at SMIC   [Nov-08-17 09:15AM  PR Newswire]
▶ SMIC's Canary Chip Warning   [Aug-09-17 01:01AM  Bloomberg]
▶ SMIC posts 2Q profit   [Aug-08-17 05:26PM  Associated Press]
▶ SMIC Reports 2017 Second Quarter Results   [07:35AM  PR Newswire]
▶ SMIC Reports 2017 Second Quarter Results   [07:29AM  PR Newswire]
▶ SMIC posts 1Q profit   [May-10-17 10:44AM  Associated Press]
▶ SMIC Reports 2017 First Quarter Results   [06:51AM  PR Newswire]
▶ SMIC Reports 2017 First Quarter Results   [06:34AM  PR Newswire]

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