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