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<Research> UBS Raises ASMPT (00522.HK) TP to HKD200 on Structural Opportunities from AI
Recommend 6 Positive 5 Negative 1 |
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A research report by UBS noted that ASMPT (00522.HK) reported 1Q26 EPS of HKD0.78, above the market expectation of HKD0.6, mainly driven by higher revenue and margin improvement. New orders during the period increased 46% QoQ, exceeding the 20% growth guided in early March. Among them, Semiconductor Solutions (SEMI) orders rose 23% QoQ, while Surface Mount Technology (SMT) orders surged 70% QoQ, marking a record high. The company expects orders to remain at a high level in 2Q26, with SEMI orders projected to record QoQ growth, while SMT orders may moderate due to a high base in 1Q26. The broker believes the company is beginning to benefit structurally from the AI trend, with opportunities expanding from thermal compression bonding (TCB) to areas including die and wire bonding, photonics, and co-packaged optics (CPO). In addition, management guided for 2Q26 sales to grow 12% QoQ, above the market expectation of 7%. The broker raised its sales growth forecasts for 2026 and 2027 from the previous 29% and 15% to 32% and 21%, respectively. The TP was lifted from HKD141 to HKD200, with a "Buy" rating reiterated. (ss/u) This article was automatically translated by AI, the Chinese 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. Auto-translated by AI AASTOCKS Financial News |
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