ASM Pacific 522

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ASMPT Ltd (522 HK): Gross margin expansion to persist [BUY, TP HK$77.60]

3Q22 bookings declined 37% y-o-y to HK$3.6bn, missing market consensus due to weak end-market demand

4Q22 revenue guidance to be between HK$ 3.5bn-4.1bn, missing the consensus by 23.0%

Cut FY22/23/24F net profit by 11%/17%/16% to reflect the cut in revenue forecast

TP lowered to HK$77.6; maintain BUY, as negatives are priced in, and on an undemanding valuation of 6x PE.

Source: DBS

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Auto/AP to lead FY23F/24F revenues

ASMPT’s 4Q22 net profit beat our expectations on strong SMT solutions, thanks to strong demand for automotive and advanced packaging tools.

We expect ASMPT’s FY23F revenue to decline 8% yoy, with strong Auto/AP demand offset by weak demand from smartphone/electronics.

Reiterate Add with a higher TP, HK$95.38 (2.5x FY22 P/BV). It is trading at its 5-year low P/E of 1.8x, which we think offers a buying opportunity.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 95D000D021

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Chip equipment maker ASMPT draws takeover interest, sources say

Alternative investment firm PAG is among those that have expressed interest in taking the Hong Kong-listed company private.

ASM International NV, a Dutch semiconductor-equipment maker which has about a 25% stake in ASMPT, was pushed by activist investors Elliott Investment Management and Eminence Capital to sell the shares about five years ago.

China’s TCL Corp. had weighed a bid for the stake, people familiar with the matter said in 2018.

Source: Bloomberg

https://www.theedgesingapore.com/news/s ... ources-say

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2023/03/01

ASMPT Foresees 1Q23 Order Vol. to Stay at Elevated Level, Rev. at US$455-525M

ASMPT (00522.HK) released the financial results for the fourth quarter and full year of 2022 today (1 March).

The group's CEO Robin Gerard Ng Cher Tat said the general market consensus is that the semiconductor sector could begin its recovery in the second half of 2023, and ASMPT's business in 2023 should be supported by a substantial amount of orders as well as automotive, industrial and AP markets.

The Group forecast the revenue for 1Q23 to be between US$455 million to US$525 million.

The CEO of the firm added that the group will not provide guidance on the order volume for each quarter but is confident that the order volume in the first quarter of this year will remain at an elevated level.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 248406/all

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Mar 1, 2023

ASMPT had announced the annual result for the year ended 31 December 2022.

The revenue declined 12% year on year to HK$19.363 billion.

The net profit amounted to HK$2.62 billion, down 17%.

Source: aastocks.com

http://www.aastocks.com/en/stocks/analy ... 248374/all

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March 1, 2023

ASMPT Announces 2022 Annual Results:
Q4 2022 Revenue Above Guidance, 7th Consecutive Quarter of Gross Margin above 40%

http://iis.aastocks.com/20230301/10613571-0.PDF

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BRIEF-ASM Pacific Technology Says Qtrly Net Profit HK$266.6 Mln

March 1 (Reuters) - ASMPT Ltd 0522.HK:

* QTRLY NET PROFIT OF HK$266.6 MILLION, DOWN 70.7% YOY
* REVENUE GUIDANCE FOR Q1 2023 BETWEEN US$455 MILLION TO US$525MILLION
* QTRLY REVENUE OF HK$4.33 BILLION, DOWN 30.2% YOY
* ENTERED 2023 WITH A SIZEABLE ORDER BACKLOG
* EXPECTS MAJORITY OF THE ORDER BACKLOG TO BE DELIVERED IN2023
* FULL YEAR 2022 DIVIDEND PER SHARE OF HK$3.20

Source: Reuters

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ASMPT (00522.HK) 1Q23 NP Plummets 61.8% YoY to $320M

ASMPT (00522.HK) announced the financial results for the first quarter ended 31 March 2023.

The revenue of the period dropped 25.6% YoY and 9.5% QoQ to $3.917 billion.

The net profit plummeted 61.8% YoY and rose 19.1% QoQ to $318 million. EPS was $0.77.


Dividend History
Announce Date Event Particular
2023/03/01 Final D:HKD 1.9000
2022/10/26 Quarter 3 No Dividend
2022/07/21 Interim D:HKD 1.3000
2022/04/21 Quarter 1 No Dividend

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 262304/all

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ASMPT Announces 2023 First Quarter Results

Q1 2023 Revenue Above Mid-point of Guidance Despite Challenging Macro Environment

Group Performance at a Glance
Q1 2023 Financial Highlights

Revenue of HK$3.92 billion (US$500.2 million), -25.6% YoY and -9.5% QoQ

Bookings of HK$3.55 billion (US$453.1 million), -49.7% YoY and +13.8% QoQ

Gross margin of 40.4%, -21 bps YoY and -98 bps QoQ

Operating margin of 11.9%, -717 bps YoY and -181 bps QoQ

Net profit of HK$315.1 million, -62.0% YoY and +18.2% QoQ

Basic earnings per share of HK$0.77, -61.9% YoY and +18.5% QoQ

Liquidity position remained robust, with gross cash and bank deposits totalling HK$3.99
billion. With bank borrowings reduced to HK$2 billion, net cash and bank deposits
stayed healthy at HK$1.99 billion.

http://iis.aastocks.com/20230426/10705041-0.PDF

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Revenue to resume growth in 3Q23F

ASMPT’s 1Q23 net profit fell 62% yoy on a high base effect and forex losses.

We expect 2H23F revenue to resume double-digit growth, driven by automotive, AP and recovery in 3C products.

We maintain our Add call as we believe that its current valuation has discounted the downcycle in the global semiconductor sector.

TP: HK$95

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E3F32D19CE