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<Research>UBS Trims ASMPT (00522.HK) TP to $135; Stronger TCB Offsets Soft Traditional Biz
Recommend 14 Positive 13 Negative 15 |
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UBS issued a research report on ASMPT (00522.HK), of which 2Q24 revenue aligned with guidance and UBS forecast. But GM was lower than expectation, and Surface-mount Technology (SMT) orders also declined. The broker cut the group's EPS forecasts for 2024 and 2025 by 27% and 6%, and continued to give it a Buy rating, while lowering the TP from $145 to $135. For 3Q24, ASMPT's revenue guidance was between US$370 million and US$430 million, down 6% QoQ at the midpoint. Management expected a low single-digit QoQ decline in bookings, dampened by SMT. UBS believed that the breakthrough in thermo-compression bonder (TCB) business will help offset the weakness of traditional business. It also expected ASMPT to make breakthroughs in high-bandwidth memory HBM3E 12Hi and HBM4 in 2025-26, and to seize greater room for growth in 2.5D average price starting in 2025. AAStocks Financial News |
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