Core Viewpoint - UBS forecasts a stable outlook for ASMPT (00522) until 2026, adjusting the full-year earnings per share (EPS) forecast down by 78% to HKD 0.28 due to lower gross margins in the second half of 2025 and business restructuring impacts, while raising the 2026 sales forecast by 22% and EPS forecast by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses, maintaining a "Buy" rating and raising the target price from HKD 83 to HKD 95 [1] Group 1 - ASMPT management provided guidance for Q4 2025 revenue growth at a median of 7% quarter-on-quarter, exceeding the market's expectation of 4%, supported by SEMI and SMT businesses [1] - New order guidance for Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in the mid-double-digit percentage range, while SMT orders are expected to decline quarter-on-quarter due to a high base [1] - Management expresses confidence in the TCB business, anticipating that AI opportunities in 2026 will benefit both advanced packaging and mainstream businesses [1]

Core Viewpoint - UBS report indicates ASMPT's management has provided a revenue guidance for Q4 2025 with a median quarter-on-quarter growth of 7%, surpassing the market expectation of 4%, supported by SEMI and SMT businesses [1] Group 1: Revenue and Orders Guidance - Q4 2025 revenue guidance shows a median quarter-on-quarter growth of 7%, better than the expected 4% [1] - New order guidance for Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in double digits while SMT orders are expected to decline due to a high base [1] Group 2: Future Outlook and Earnings Forecast - Management expects AI opportunities in 2026 to benefit both advanced packaging and mainstream businesses, maintaining confidence in TCB business [1] - UBS has adjusted the full-year earnings per share forecast down by 78% to HKD 0.28 due to lower gross margins in H2 2025 and business restructuring impacts [1] - Sales forecast for 2026 has been raised by 22%, with earnings per share forecast increased by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses [1] Group 3: Investment Rating and Target Price - UBS maintains a "Buy" rating for ASMPT, raising the target price from HKD 83 to HKD 95 [1]

该行预期ASMPT明年将录强劲的盈利增长，由于2025年的基数较低，料明年每股盈测可增逾1倍，惟收 入及利润的绝对值则应维持在周期的中等水平。该行重申对其"中性"评级，目标价由100港元下调至95 港元。 美银证券发表研究报告指，ASMPT第三季因利润缩减及重组费用，令业绩大致逊于预期。公司管理层 对第四季的指引正面，当中预期销售额介乎4.7亿至5.3亿美元，以中位数计算，按季升7%，按年增 14%。 ...

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% compared to the previous quarter, amounting to 100.6 million HKD, which is below market expectations of 200.8 million HKD, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for ASMPT in Q3 was 100.6 million HKD, a significant drop from the previous quarter [1] - The company's performance fell short of market expectations, which anticipated a profit of 200.8 million HKD [1] - The decline in profitability is attributed to a decrease in gross margin [1] Group 2: Business Developments - ASMPT's TCB business is progressing steadily, having secured its first HBM412H order from two global high-end memory manufacturers [1] - The growth in mainstream business is benefiting from the increasing demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price for ASMPT has been raised from 76.6 HKD to 95 HKD based on a higher price-to-book ratio [1] - The company maintains a "outperform" rating in the market [1]

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% to HKD 100.6 million, falling short of market expectations of HKD 200.8 million, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for Q3 was HKD 100.6 million, a 24% decline compared to the previous quarter [1] - The reported profit was below market expectations of HKD 200.8 million [1] Group 2: Business Developments - The company's TCB business is progressing steadily, having secured its first HBM412H order from two global high-end memory manufacturers [1] - Mainstream business growth is benefiting from the demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price has been raised from HKD 76.6 to HKD 95 based on higher price-to-book ratios [1] - The rating is maintained at "Outperform" [1]

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% to HKD 100.6 million, falling short of market expectations of HKD 200.8 million, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for Q3 was HKD 100.6 million, a 24% decline compared to the previous quarter [1] - The reported profit was below market expectations, which were set at HKD 200.8 million [1] Group 2: Business Developments - The company's TCB business is progressing steadily, having secured the industry's first HBM4 12H order from two global high-end memory manufacturers [1] - Mainstream business growth is benefiting from increased demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price has been raised from HKD 76.6 to HKD 95, based on higher price-to-book ratios [1] - The company maintains an "outperform" rating [1]

Core Viewpoint - The increasing importance of advanced packaging in integrated circuit production has led to an upgrade in ASMPT's target price and valuation metrics by Jianyin International, reflecting the company's strong position in the semiconductor packaging equipment sector [1] Group 1: Company Analysis - Jianyin International raised ASMPT's target price by 9%, from HKD 90 to HKD 98, and adjusted the target price-to-book ratio from 2.3x to 2.5x for 2026 [1] - ASMPT is recognized as a leading manufacturer of semiconductor packaging equipment with strong advanced packaging capabilities, making it a quality stock for long-term investment [1] - The company is expected to benefit from the increasing criticality of advanced packaging for integrated circuit miniaturization [1] Group 2: Financial Forecasts - Due to a one-time project drag, the earnings per share (EPS) forecast for ASMPT in 2025 has been reduced by 89% [1] - The gross margin and operating expense assumptions have been adjusted conservatively, leading to a 33% and 10% downward revision of the 2026-2027 forecasts, respectively [1] - The book value per share (BVPS) estimates for 2025-2027 have been lowered by 3% [1]

Core Viewpoint - The company reported Q3 2025 earnings on October 28, 2025, with revenue of $468 million, showing a year-over-year increase of 10% and a quarter-over-quarter increase of 8%, aligning with previous guidance [1] Group 1: Financial Performance - Q3 revenue was $468 million, equivalent to 3.661 billion HKD, with a year-over-year growth of 10% and a quarter-over-quarter growth of 8%, meeting the guidance range of $445 million to $505 million [1] - Semiconductor solutions business revenue was 1.88 billion HKD ($240 million), with a year-over-year increase of 5% but a quarter-over-quarter decrease of 7%, driven by AI infrastructure demand and strong electric vehicle demand in China [1] - SMT business revenue reached 1.78 billion HKD ($228 million), showing a year-over-year increase of 15% and a quarter-over-quarter increase of 28%, benefiting from AI server demand and smartphone orders [1] - Q3 gross margin declined to 35.7%, with adjusted gross margin at 37.7%, down 330 basis points year-over-year and 203 basis points quarter-over-quarter, below the market expectation of 40.1% [1] - Net profit was -269 million HKD, but adjusted net profit was 102 million HKD, reflecting a year-over-year increase of 245% but a quarter-over-quarter decrease of 24% [1] Group 2: Order and Market Trends - Total new orders in Q3 amounted to $463 million, representing a year-over-year increase of 14% but a quarter-over-quarter decrease of 4% [2] - Semiconductor solutions business saw new orders of $208 million, down 12% year-over-year and 2% quarter-over-quarter, with low current orders due to customer AI technology timelines [2] - SMT business new orders reached $255 million, up 52% year-over-year but down 5% quarter-over-quarter, driven by AI server and electric vehicle demand [2] - The company expects Q4 2025 revenue guidance of $470 million to $530 million, indicating a year-over-year increase of 14% and a quarter-over-quarter increase of 7%, exceeding market expectations [2] Group 3: Strategic Developments - The company is deepening its focus on TCB and HBM, with expectations for accelerated shipments in Q4 2025 and 2026 [3] - TCB business is expected to gain significant orders from leading wafer foundry customers, with HBM4 showing early advantages [3] - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in restructuring costs but is expected to improve long-term profitability by saving 128 million HKD annually [3] - Adjusted net profit forecasts for 2025-2027 are revised to 203 million HKD, 1.351 billion HKD, and 1.935 billion HKD, reflecting significant growth in 2026 [3]

Core Viewpoint - ASMPT reported a revenue of HKD 36.6 billion for Q3 2025, reflecting a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6% [1] - The company anticipates optimistic revenue guidance for Q4, projecting between USD 4.70 billion and USD 5.30 billion, with a median growth of 14.3% year-on-year and 6.8% quarter-on-quarter [1] Business Performance - SMT business showed strong revenue growth, reaching HKD 17.8 billion, with year-on-year growth of 14.6% and quarter-on-quarter growth of 28.0%, driven by demand from AI servers and electric vehicles in Asia [1] - SEMI business revenue was HKD 18.8 billion, with a year-on-year increase of 5.0%, primarily due to strong demand for power management applications [1] Orders and Market Trends - The order amount for Q3 was HKD 36.2 billion, a year-on-year increase of 14.2% but a quarter-on-quarter decrease of 3.5% [1] - SMT orders increased by 51.8% year-on-year to HKD 19.9 billion, driven by strong momentum in telecommunications and electric vehicles, although there was a quarter-on-quarter decline of 5.0% due to high base effects from Q2 smartphone orders [1] Advanced Packaging Developments - The company secured multiple orders for the HBM4 12H TCB solution, maintaining its position as a major supplier [3] - The C2W TCB solution has successfully passed final verification and is preparing for mass production [3] - Advanced packaging demand is expected to remain strong, particularly in the storage sector, with significant contributions anticipated in 2026 [3] Investment Recommendations - The target price has been raised to HKD 103.6, maintaining a "buy" rating, reflecting confidence in SMT order recovery and advanced packaging demand [4] - Adjustments were made to the 2025 estimated net profit, down by 28% to HKD 3.4 billion, while revenue estimates for 2025, 2026, and 2027 were increased by 2%, 3%, and 3% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 103.6, up from the previous target of HKD 87.1 [4][6]. Core Insights - The company reported a revenue of HKD 36.6 billion for Q3 2025, representing a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6%. The adjusted net profit was HKD 1.019 billion, a significant increase of 245.2% year-on-year [1][4]. - The company expects Q4 revenue guidance to be between USD 4.70 billion and USD 5.30 billion, with a median estimate that exceeds Bloomberg consensus expectations, indicating a year-on-year growth of 14.3% and a quarter-on-quarter growth of 6.8% [1][4]. Business Segments - In Q3 2025, the SEMI segment generated revenue of HKD 18.8 billion, a year-on-year increase of 5.0%, driven by strong demand for power management applications. However, it saw a quarter-on-quarter decline of 6.5% due to timing impacts from customer AI technology roadmaps and delivery disruptions caused by a typhoon [2]. - The SMT segment performed strongly, with revenue reaching HKD 17.8 billion, reflecting a year-on-year increase of 14.6% and a quarter-on-quarter increase of 28.0%. The order volume for SMT increased by 51.8% year-on-year to HKD 19.9 billion [2]. Advanced Packaging Developments - The company’s TCB solution has gained competitive advantages in the storage sector, securing multiple HBM4 orders in Q3 2025. The C2W solution is preparing for mass production after successful validation by a leading foundry [3]. - The company continues to lead the 800G transceiver market and is involved in collaborations for 1.6T solutions, indicating strong demand in advanced packaging for 2026 [3]. Financial Forecasts - The report adjusts the 2025 estimated net profit down by 28% to HKD 3.4 billion, while revenue estimates for 2025, 2026, and 2027 are increased by 2%, 3%, and 3% respectively. The net profit estimates for 2026 and 2027 are raised by 5% to HKD 12.3 billion and HKD 18.4 billion respectively [4][12]. - The expected EPS for 2026 and 2027 is projected to be HKD 2.96 and HKD 4.43 respectively, reflecting the company's growth potential in the advanced packaging sector driven by AI [4][12].