ASM Pacific 522

[winston]

<Research>BOCI Trims ASMPT (00522.HK) TP to $98, Rating Buy

ASMPT (00522.HK)'s 4Q24 revenue reached the upper end of its guidance range thanks to strong growth in AI application, according to a research report issued by BOCI.

However, weak margins in both SEMI and SMT businesses resulted in a net profit of only $4 million and a weaker-than-expected adjusted net profit of only $76 million.

The broker lowered its 2025/ 2026 earnings forecasts for ASMPT by 28%/ 16% each, and trimmed its target price from $107 to $98, believing that the short-term results will not impede the positive progress of its advanced packaging business, with rating kept at Buy.

Related News: ASMPT Annual NP $345M, Down 51.7%; Final & Special DPS Totaling HK32 Cents

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

4Q24: Earnings Disappoint; Mainstream Tools Recovering In 2025 But Visibility Remains Low

ASMPT’s 4Q24 net profit barely broke even as the slow recovery in the mainstream tools market remains a drag.

1Q25 guidance continues to be soft as the SMT solution business remains slow, but margins may widen on product mix improvements.

The advanced packaging business remains the sole bright spot, with CPO and photonics joining TCB as key growth drivers in the coming years.

Maintain BUY and cut target price to HK$80.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

vested

Stronger AP tools contribution in FY25F

FY24 core net profit fell 52% yoy due to slow auto/industrial recovery.

We expect AP revenue to rise fast in FY25-26F due to strong TCB demand.

Reiterate Add with a lower TP of HK$91.0, based on 2.3x FY25F P/BV.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 4A0874A0E3

[winston]

vested

<Research>UBS Chops ASMPT (00522.HK) TP to $85, Sharply Lowers EPS Forecasts

ASMPT (00522.HK) still guided for a 9% QoQ decline in 1Q25 sales, below the market consensus of a 3% QoQ increase, despite sales recognition of its thermo-compression bonding (TCB) shipment to SK Hynix (000660.KS), according to UBS' research report.

Furthermore, UBS lowered its 2025/ 2026 EPS forecasts for ASMPT by 61%/ 41%, and estimated its revenue to reach $14.4 billion in FY2025 (i.e., up 9% YoY, compared to the prior estimation of a 37% growth).

Therefore, UBS chopped its target price for ASMPT from $135 to $85, with rating kept at Buy.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

<Research>M Stanley: ASMPT (00522.HK) GPM Decline in 2 Major Biz Surprises; TP Slashed to $63

ASMPT (00522.HK)'s 4Q24 results missed expectations, and the Company estimated its 1Q25 revenue to fall 9% QoQ at the midpoint, Morgan Stanley issued a research report saying.

Morgan Stanley saw the drop in the gross profit margins for semiconductor/ surface mount technology (SMT) solutions to 42.6%/ 29.7% from 48.6%/ 32.3% each as the biggest downside surprise of the results.

Based on 4Q24 results and 1Q25 guidance, the broker lowered its 2025/ 2026 EPS forecasts for ASMPT by 75%/ 34%, and slashed its target price from $82 to $63, with rating kept at Equalweight.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

ASMPT (522 HK) 1Q25: Earnings Disappoint; Mainstream Tools Recovering In 2025

But Visibility Remains Low 1Q25 results were largely in line, with revenue at the mid-point of ASMPT’s guided range, while margins and net profit recovered sequentially.

Momentum in advanced packaging tools continues to pick up, as we see new orders or progress for TCB in both memory and logic clients.

However, the recovery in mainstream tools remains uncertain given the increasingly complex geopolitical situation.

Maintain BUY. Target price: HK$68.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

vested

<Research>HSBC Research Chops ASMPT (00522.HK) TP to $67 on Weak Mainstream Demand for SMT

HSBC Global Research issued a research report keeping rating at Hold on ASMPT (00522.HK) and lowering its 2025/ 2026 EPS forecasts by 52%/ 10%, because ASMPT's 1Q25 results missed the broker's expectations and weak SMT mainstream demand continued to pose pressure, with advanced packaging market business trend within forecast.

The broker also chopped its target price from $74 to $67.

ASMPT's 1Q25 revenue was below the estimations of HSBC Global Research and the market, while GM and EPS missed forecasts due to product mix, higher-than-expected SGA and R&D expenses.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Results>ASMPT's Interim NP Dives 31.8% to HKD215M; Interim Div. HK26 Cents

ASMPT(00522.HK) has announced its interim results for the period ended June 2025.

The company's revenue rose by 0.7% YoY to HKD6.526 billion, while its net profit amounted to HKD215 million, down 31.8% YoY.

Its EPS stood at HKD52 cents.

An interim dividend of HK26 cents per share was declared by the company, compared to a dividend of HK35 cents in the same period last year.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>Citi Rates ASMPT as Buy; Worst Phase May Have Ended

Citi has released a report noting that ASMPT (00522.HK) 's 2Q25 results and 3Q guidance met expectations, indicating that the business outlook is stabilizing.

The company's 2Q revenue increased by 2% YoY to HKD3.4 billion, reaching the midpoint of the previous guidance, while its GPM fell by 1.2 ppts QoQ to 39.7%, above the market expectation of 39%.

Dragged down by a foreign exchange loss of HKD52 million, however, its net profit stood at HKD131 million, shy of the market expectation of HKD147 million.

Related News: ASMPT's Interim NP Dives 31.8% to HKD215M; Interim Div. HK26 Cents

In Citi's opinion, ASMPT may have passed the worst phase after a challenging 1H.

Anticipating continued improvements in the company's core business in 2H and a potential turnaround in its earnings, the broker gave it a Buy rating with a target price of HKD65.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

ASMPT (522 HK) 2Q25: Results Largely In Line;

Solid Bookings Beat As Mainstream Tools Recover; AP Tools Progressing Well In Logic

And At HBM Clients ASMPT’s 2Q25 results were largely in line, with revenue at the mid-point of its guided range, while bookings were a solid beat thanks to a bulk order from smartphone clients.

The sustained improvement in orders momentum likely signals the beginning of a new capex cycle, while ongoing advances in AI-related products will likely bolster investor confidence in the near term.

Maintain BUY and raise target price to HK$92.40.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email