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<Research>BofAS Reiterates Buy on ASMPT, Lifts TP to HKD190
Recommend 7 Positive 6 Negative 7 |
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ASMPT (00522.HK)'s 1Q26 results were far better than the market's and BofA Securities' expectations, the broker's report said. The company's revenue grew by 27% or, in USD terms, 32% YoY to HKD4 billion, while non-GAAP gross margin/ operating margin/ EPS reached 39.5%/ 10%/ HKD0.8, higher than the market's and the broker's EPS forecasts of HKD0.56 and HKD0.51, respectively. The report highlighted possible contributing factors, including the high gross margin of semiconductor equipment and rapidly recovering SMT sales. Coupled with minimal non-operating expenses and a net cash position, it seems that ASMPT's EPS were several times higher than the trough levels during 2023-25. BofA Securities has reiterated a Buy rating on ASMPT and raised its target price from HKD160 to HKD190 to reflect stronger expected growth in EPS and dividends per share. Auto-translated by AI AASTOCKS Financial News |
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