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<Research> Citi: ASMPT (00522.HK) 1Q Results and 2Q Guidance Far Exceed Expectations, Reiterate Buy
Recommend 5 Positive 7 Negative 4 |
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Citi published a research report stating that ASMPT (00522.HK)'s 1Q results far exceeded expectations, benefiting from strong performance in both its semiconductor and SMT businesses. During the period, the group's revenue increased 32% YoY to HKD3.967 billion (or USD508 million), slightly above its previous guidance range of USD470 million to USD530 million. Gross margin improved by 3.6 ppts QoQ to 39.5%, higher than both the broker's and market expectations. Adjusted net profit amounted to HKD335 million, also well above the market consensus of HKD237 million and Citi's forecast of HKD299 million. The broker noted that ASMPT's 2Q revenue guidance also surpassed expectations. The group expects revenue of between USD540 million and USD600 million, with the lower end already above the market expectation of USD416 million. The strong growth is mainly driven by the semiconductor business. The midpoint of the guidance implies revenue growth of 37% YoY and 12% QoQ. The group's book-to-bill (B/B Ratio) further rose to 1.43, the highest level in five years, primarily supported by strong orders from both the semiconductor and SMT segments, with SMT orders reaching a record high. Citi believes that ASMPT's 1Q earnings and 2Q outlook both beat expectations, while strong orders signal solid revenue and earnings growth ahead. The broker reiterated its positive view, maintaining a Buy rating and TP of HKD145. The valuation is based on a peak 35x forecast P/E for 2H26 to 1H27. (ad/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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