ASM Pacific 522

[winston]

not vested

<Research>UOB Kay Hian Cuts ASMPT (00522.HK) TP to $120; 1Q Results Solid

2024/04/26

In a research report by UOB Kay Hian, ASMPT (00522.HK) was said having reported better-than-expected 1Q24 results, on the back of strong margins, but 2Q24's revenue guidance was below the expectations of UOB Kay Hian and the market, due to sluggish sales of mainstream tools.

The advanced packaging business remained vibrant in 1Q24, and the broker saw more positive progress in TCB (thermo-compression bonding) and HB (hybrid bonding) businesses.

The broker maintained Buy on ASMPT, with target price lowered to $120 from $129.2.

According to UOB Kay Hian, ASMPT management expected 2Q24 revenue to be US$380 million to US$440 million, below the broker's and the market's estimates of US$479 million to US$471 million, and 16% and 13% below the median of the broker's and the market's forecasts, respectively.

ASMPT management foresaw 2Q24's order bookings to be flattish QoQ.

Source: AAStocks Financial News

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

[winston]

<Research>Macquarie Adds Slightly ASMPT (00522.HK) TP to $119, Raises Earnings Forecasts on More Expected Orders From NVIDIA

Macquarie noted in a report that ASMPT (00522.HK) has a portfolio of mainstream and high-end photonic alignment equipment, with major customers including Mellanox and Innolight, which the broker expected to account for a single-digit percentage of ASMPT's semiconductor solutions revenue next year.

The broker raised its earnings forecasts for ASMPT by 9%, 10% and 9% for FY24/FY25/FY26, mainly due to the expected increase in orders from NVIDIA (NVDA.US) in optical communications and advanced packaging (AP).

Macquarie is optimistic about the long-term growth prospects of ASMPT's advanced packaging and maintained its Outperform rating, with a target price raised by 1% to $119.

The broker also believed that investors were underestimating the opportunities for optical communication from NVIDIA products.

Source: AAStocks Financial News

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