ASM Pacific 522

[winston]

vested

ASM PACIFIC(522)

Analysis：

For the financial year ended 31 December 2021, ASM Pacific (522) delivered a record full year revenue performance of HK$21.95 billion, representing YoY growth of 49.3%.

The Group`s consolidated profit after taxation for the year was HK$3.18 billion, an increase of 398.8% YoY.

Gross margin was 40.6%, a 427 bps increase YoY.

The Group recorded bookings of HK$26.12 billion, a 65.6% YoY increase.

Basic earnings per share (EPS) from continuing operations for the year amounted to HK$7.72, representing historical P/E of 11 times.

The Board of Directors has resolved to recommend to share holders the payment of a final dividend of HK$2.60 per share.

Together with the interim dividend of HK$1.30 per share, the total dividend payment for year 2021 will be HK$3.90 per share translating into a dividend yield of 4.6%. (I do not hold the above stock)

Strategy：
Buy-in Price: $84.00, Target Price: $93.00, Cut Loss Price: $80.00

Source: Phillips

[winston]

vested

ASM PACIFIC 1Q Net Profit $832M, Up Over 59%

ASM PACIFIC (00522.HK) announced the 2022 first quarter results.

Revenue was HK$5.267 billion, up 21.5% YoY and down 15.1% QoQ, at the high end of revenue guidance issued.

Net profit was HK$832 million, up 59.6% YoY and down 9.2% QoQ. EPS was HK$2.02.

Dividend History
Announce Date Event Particular
2022/02/23 Final D:HKD 2.6000
2021/10/27 Quarter 3 No Dividend
2021/07/28 Interim D:HKD 1.3000
2021/04/21 Quarter 1 No Dividend

During the period, bookings was HK$7.04 billion, down 10% YoY and up 34.2% QoQ.

Source: AAStocks Financial News

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vested

ASM's Q1 net jumps 57pc

ASM Pacific Technology (0522) posted a 57 percent jump in net profit in the first quarter to HK$830 million, thanks to stronger demand for its products.

Revenue grew 21.5 percent to HK$5.27 billion in the first three months, while the bookings recorded HK$7.04 billion over the same period, largely driven by bookings in advanced packaging segments and automotive segments, the semiconductor provider said.

Group gross margin was 40.6 percent in the first quarter due to both segments' stronger gross margins, it added.

ASM expects slower growth in bookings in the second quarter due to the tight supply chain. "We have taken steps to convert our strong order backlog at a faster pace, even as sporadic Covid-19 measures and continued supply chain constraints could influence near-term deliveries," said Robin Ng, chief executive of ASM.

The revenue for the second quarter is expected to reach between US$670 million to US$740 million, a growth of 5.8 percent at the mid-point, the company said.

Source: The Standard

https://www.thestandard.com.hk/section- ... jumps-57pc

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vested

Solid EPS growth outlook in FY22F

1Q22 NP grew 60% yoy, largely in line, forming 23% of our FY22F forecast.

We expect strong automotive demand to support c.6% yoy revenue growth in
2Q22F.

We forecast 13% revenue growth in FY22F on strong auto, AP tools.

Reiterate Add. Our TP of HK$134.0 is based on 3.5x FY22F P/BV.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 657AEA4108

[winston]

ASM Pacific (522 HK): Advance packaging momentum and margin expansion persist in 2022 [BUY, TP HK$138.00]

1Q22 revenue increased 21.5% y-o-y to HK$ 5.3bn, in line with management guidance

SEMI and SMT margins expanded 0.68ppt and 3.31ppt y-o-y mainly due to the higher mix of automotive solutions

Book-to-bill ratio rebounded to 1.34x to support 2Q22 revenue

Maintain BUY due to semiconductor players’ CAPEX growth and DPS CAGR of c.12% in FY21-24; TP at HK$138

Source: DBS

[winston]

vested

ASM PACIFIC(522)

Analysis：

Inspite of continued supply chain challenges, ASM Pacific (522) achieved record Q1 revenue of US$674.8 million (+21.5% YoY), which was at the high end of its revenue guidance issued.

Net profit was up 57.1% YoY to HK$830.2 million.

Gross margin and operating margin were 40.6% and 19.1, up 107 bps and 361 bps YoY respectively.

Group bookings totaled HK$7.04 billion (US$902.6 million) in the first quarter, up 34.2% QoQ.

As at the end of Q1, the Group has a strong backlog of HK$11.89 billion (US$1.52 billion) and a book-to-bill ratio of 1.34.

The Group expects Q2 2022 revenue to be between US$670 million to US$740 million, representing growth of 5.8% YoY and 4.5% QoQ at the mid-point. (I do not hold the above stock)

Strategy：
Buy-in Price: $80.00, Target Price: $88.00, Cut Loss Price: $74.50

Source: Phillips

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vested

Company valuation

The company expects 2Q2022 revenue to be between US$670-740mn, representing growth of 5.8% YoY and 4.5% QoQ at mid-point.

While bookings for the Advanced Packaging (AP) tools hit a record this quarter, including USD100mn of TCB bookings for its major customer (likely from Intel);

Bookings for the advanced packaging and automotive solutions growth for both QoQ and YoY, remains a long-term capability requirements driver.

However, sporadic COVID-19 measures and continued supply chain constraints could not convert its strong order backlog at a faster pace and influence near-term deliveries.

In addition, ASMPT expects bookings to decline QoQ and YoY in 2Q22, as some OSAT vendors reduce capex for legacy, packaging after an aggressive expansion cycle in 2020-2021, consequently, which might lead to weak sales in 2H2022.

Recently, ASMPT was removed from the Hang Seng Technology Index, but its component weight in the index is only 1.79%. Therefore, the selling pressure of passive funds is quite limited, and the impact will only appear in a short period of time.

We expect 2022 estimated EPS to be HK$6.6, and our target price is HK$85.25 (13 x 2022 P/E, in line with its 5 years average minus on! e standard deviation), with an " Accumulate " rating.

Risk factors
1) The semiconductor industry has entered a downward cycle;
2) The penetration rate of new products is lower than expected; and
3) The demand for downstream upgrades is lower than expected.

Source: Phillips

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vested

ASMPT (00522.HK) Half-yr Net Profit HK$1.737B, Up 38.7%; Interim Div HK$1.3

ASMPT (00522.HK) announced the result for the six months ended 30 June 2022.

The net profit amounted to HK$1.737 billion, up 38.7% YoY. EPS was HK$4.21.

Dividend History
Announce Date Event Particular
2022/04/21 Quarter 1 No Dividend
2022/02/23 Final D:HKD 2.6000
2021/10/27 Quarter 3 No Dividend
2021/07/28 Interim D:HKD 1.3000

An interim dividend of HK$1.3 per share was declared, same as that in the corresponding period of the previous year.

The Company announced to buy back the shares of the Company up to a maximum value of HK$420 million.

Related News: C Suisse Cuts ASMPT (00522.HK) TP to $80, Rating Outperform

Source: AAStocks Financial News

[winston]

ASM Pacific Technology Ltd
Global semiconductor demand trends weak

2Q22 net profit grew 24% yoy, driven by 1% revenue growth and 110bp GPM expansion, thanks to robust demand for AP and automotive tools.

2H22F looks weak on the back of weak demand from communication, computer and consumer electronics, partially offset by strong auto and AP.

Reiterate Add. TP cut to HK$64.50 as we lower our FY22-24F EPS by 25-
31% to reflect the decrease in customers’ capex.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... F864CB2938

[winston]

vested

ASMPT (00522.HK) 1-3Q Net Profit HK$2.353B, Up 4.3%

ASMPT (00522.HK) announced the first three quarters result ended September 2022.

The revenue declined 4.5% year on year to HK$15.033 billion.

The net profit amounted to HK$2.353 billion, up 4.3%. EPS was HK$5.71.

Dividend History
Announce Date Event Particular
2022/07/21 Interim D:HKD 1.3000
2022/04/21 Quarter 1 No Dividend
2022/02/23 Final D:HKD 2.6000
2021/10/27 Quarter 3 No Dividend

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6