Investment Rating - The investment rating for ASMPT is "Buy" (maintained) [1] Core Views - The traditional business is recovering slowly, with profit improvement expected to be driven by TCB volume growth [3][4] - The SMT business is dragging down the company's performance, with the recovery in 2024 not meeting expectations [3][4] - The company has adjusted its net profit forecasts for 2024-2026 downwards due to weak SMT demand, with expected profits of 4 billion, 12 billion, and 22 billion HKD respectively [4][6] Financial Summary - Q3 2024 revenue was 429 million USD, a slight increase of 0.1% quarter-on-quarter, within the guidance range of 370-430 million USD [3] - New orders increased by 1.5% quarter-on-quarter, with the semiconductor segment growing by 7%, while SMT orders declined by 5% [3] - The company expects Q4 2024 revenue to be between 380-460 million USD, with a median estimate indicating a 2% decline quarter-on-quarter [3] - Revenue projections for 2024-2026 show a decline in 2024 followed by growth in subsequent years, with year-on-year growth rates of -41%, 177%, and 88% respectively [4][6] Market Position and Outlook - The company is positioned to benefit from advancements in TCB technology, particularly in HBM applications, which are expected to drive future growth [5] - The current stock price of 83.75 HKD corresponds to P/E ratios of 81.7, 29.5, and 15.7 for 2024-2026 [4][6] - The traditional packaging business is still at the recovery starting point, with AI advanced packaging expected to remain a long-term focus [4]

Investment Rating - The report maintains an "Overweight" rating for ASMPT (0522 HK) [4] Core Views - Q3 2024 revenue exceeded expectations at $429 million (HK$3 34 billion), up 0 1% QoQ but down 3 7% YoY, beating market expectations by 4% [1] - Semiconductor Solutions revenue grew 14% YoY and 8% QoQ to $229 million, driven by strong demand for advanced packaging [1] - SMT revenue declined 18% YoY and 8% QoQ to $199 million due to slow recovery in the traditional semiconductor cycle [1] - Q3 2024 gross margin improved by 0 94 ppts to 41%, with Semiconductor Solutions margin up 4 ppts to 48 6%, offsetting a 3 4 ppt decline in SMT margin [1] - Net profit was HK$23 8 million, down 83% QoQ due to HK$108 million in FX losses, but would have been flat QoQ excluding FX impact [1] - New orders in Q3 2024 totaled $406 million, up 1 5% QoQ, driven by semiconductor business growth [1] - TCB equipment is expected to accelerate shipments in Q4 2024 and 2025, supported by AI-related capital expenditure and HBM customer orders [1] Financial Performance - 2024E revenue is projected at HK$13 248 million, with net profit of HK$492 million [2] - 2025E revenue is forecasted at HK$15 766 million, with net profit of HK$1 073 million [2] - 2026E revenue is expected to reach HK$17 345 million, with net profit of HK$1 632 million [2] - EPS for 2024E, 2025E, and 2026E is projected at HK$1 19, HK$2 59, and HK$3 94, respectively [2] Business Segments - Semiconductor Solutions revenue is expected to grow from HK$6 766 million in 2024E to HK$10 478 million in 2026E [6] - SMT revenue is projected to remain relatively flat, from HK$6 482 million in 2024E to HK$6 868 million in 2026E [6] - Gross margin for Semiconductor Solutions is expected to remain strong, while SMT margin continues to face pressure [6] Key Developments - TCB equipment secured a bulk order from a leading HBM manufacturer in October 2024, with deliveries expected in Q4 2024 and Q1 2025 [1] - The company continues to win orders from leading IDM and foundry customers for C2W and C2S applications [1] - AI-related advanced packaging demand is driving growth in TCB equipment orders and improving long-term gross margin prospects [1] Market Data - Current share price: HK$87 0 [4] - Market capitalization: HK$36 062 billion [4] - 52-week range: HK$65 05 - HK$119 [4] - 3-month turnover rate: 79 6% [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） 二零二四年第三季度業績新聞稿 有關 ASMPT Limited 及其附屬公司截至二零二四年九月三十日止九個月業績的 新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二四年十月三十日 於本公告日期，本公司董事會成員包括獨立非執行董事： Orasa Livasiri 小姐（主 席）、樂錦壯先生、黃漢儀先生、鄧冠雄先生、張仰學先生及蕭潔雲女士；非 執行董事： Hichem M'Saad 博士及 Paulus Antonius Henricus Verhagen 先生；執行 董事：黃梓达先生及 Guenter Walter Lauber 先生。 ASMPT 的董事對本公告所載資料的準確性共同及個別地承擔全部責任，並在作 出一切合理查詢後確認，據其所知，本公告所表達之意見乃經審慎周詳考慮後 始行發表。本公告並無遺漏其他 ...

Financial Performance - For the third quarter of 2024, ASMPT Limited reported sales revenue of HKD 33.4 billion (USD 4.29 billion), a year-on-year decrease of 3.7% and a quarter-on-quarter increase of 0.1%[2]. - Adjusted profit for the quarter was HKD 29.5 million, down 35.0% year-on-year and down 78.5% quarter-on-quarter[9]. - The company forecasts sales revenue for the fourth quarter of 2024 to be between USD 3.8 billion and USD 4.6 billion, indicating a year-on-year decrease of 3.5% and a quarter-on-quarter decrease of 2.0%[1]. - Basic earnings per share were HKD 0.06, a year-on-year increase of 50.0% but a quarter-on-quarter decrease of 81.8%[2]. - The group reported adjusted earnings of HKD 29.5 million, a decrease compared to the previous year and quarter, primarily due to foreign exchange losses[10]. - For the three months ended September 30, 2024, the company reported a profit of HKD 23,845, a decrease from HKD 136,696 for the same period in 2023[17]. - The total comprehensive income for the period was HKD 454,537, significantly higher than HKD 5,025 in the previous year[17]. - The adjusted profit for the period, excluding restructuring costs, was HKD 29,524, with an adjusted profit margin of 0.7%[24]. - Basic earnings per share for the three months ended September 30, 2024, was HKD 0.06, compared to HKD 0.33 for the previous quarter[22][26]. - The company reported a total revenue of HKD 3,344,731 for the three months ended September 30, 2024, slightly up from HKD 3,474,436 in the same period last year[20]. Orders and Revenue Segments - The total new orders amounted to HKD 31.7 billion (USD 4.06 billion), reflecting a year-on-year increase of 7.1% and a quarter-on-quarter increase of 1.5%[9]. - The semiconductor solutions segment contributed USD 285 million in new orders, with a quarterly increase of 7.0% and a year-on-year increase of 40.1%[12]. - The semiconductor solutions segment's sales revenue was USD 229 million, reflecting a quarterly growth of 7.7% and a year-on-year growth of 13.7%[11]. - The SMT solutions segment's sales revenue was USD 199 million, down 7.5% quarter-on-quarter and down 18.2% year-on-year[13]. - The advanced packaging solutions, particularly TCB, continued to drive strong new order totals and sales revenue, benefiting from demand in generative AI and high-performance computing applications[6]. - The photonics and silicon photonics solutions contributed significantly to new order totals and sales revenue in the semiconductor solutions segment, driven by strong demand for 800G optical transceivers[7]. Profit Margins - The gross profit margin was 41.0%, up 683 basis points year-on-year and 94 basis points quarter-on-quarter[9]. - The operating profit margin was 5.3%, an increase of 343 basis points year-on-year and 129 basis points quarter-on-quarter[9]. - The gross margin for the semiconductor solutions segment improved to 48.6%, up 406 basis points quarter-on-quarter and 1,665 basis points year-on-year[11]. - The profit margin for the Semiconductor Solutions segment improved to 7.9% from 5.3% year-over-year[18]. - The operating profit margin improved to 5.3%, showing improvements both year-on-year and quarter-on-quarter[10]. Cash Position and Future Plans - The group maintained a strong cash position with total cash and bank deposits of HKD 5.47 billion and bank borrowings of HKD 2.58 billion as of September 30, 2024[10]. - The group plans to sell its stake in AAMI to SOAC, which may create additional value for shareholders due to growth potential in semiconductor materials[15]. - The company plans to continue focusing on market expansion and new product development to drive future growth[25]. Corporate Governance and Announcements - ASMPT announced a potential offer on October 14, 2024, under Rule 3.7 of the Hong Kong Code on Takeovers and Mergers[30]. - The unaudited profit figures mentioned in the announcement are considered profit forecasts under Rule 10 of the Code, requiring a report from ASMPT's auditors and financial advisors[30]. - ASMPT's auditors and financial advisors need additional time to complete their work and expect to release their report by November 11, 2024, or earlier[31]. - Shareholders and potential investors are advised to exercise caution when relying on the profit forecasts due to the announcement not meeting the standards set by Rule 10[31]. - The board of directors includes independent non-executive directors and executive directors, ensuring a diverse governance structure[32].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED 建議交易 出售資產 建議交易及訂立資產購買協議 ASMPT Limited（「本公司」）建議通過AHKH（定義見下文，本公司全資附屬公司） 向A股上市公司（定義見下文）出售其於先進封裝材料國際有限公司（「目標公司」） 的全部股份，對價為A股上市公司將發行的新股，餘下對價以現金支付（「建議交 易」）。 於建議交易及募集配套資金（定義見下文）完成後，AHKH將持有A股上市公司不少 於20%的股份。 於二零二四年十月二十三日，AHKH與A股上市公司及A股上市公司控股股東就建議 交易訂立資產購買協議（「資產購買協議」）。 資產購買協議的主要條款 日期 二零二四年十月二十三日 （於開曼群島註冊成立之有限公司） （股份代號：0522） 公告 - 1 - 訂約方 各方均為訂約方，統稱訂約方。 建議交易 建議交易主要包括以下部分： 倘上述交易方案的任何部分因未能獲得任何必要批准（包括但不限於 ...

Financial Performance - For the six months ended June 30, 2024, ASMPT reported sales revenue of HKD 6.48 billion (USD 829 million), a decrease of 17.1% year-on-year and 5.8% half-on-half[8]. - The adjusted profit for the first half of 2024 was HKD 315 million, down 49.5% year-on-year but up 158.1% half-on-half[5]. - The gross profit margin for the second quarter of 2024 was 40.0%, down 6 basis points year-on-year and 184 basis points quarter-on-quarter[5]. - The total new orders for the second quarter of 2024 amounted to HKD 3.12 billion (USD 399 million), an increase of 3.5% year-on-year but a decrease of 2.4% quarter-on-quarter[5]. - The company declared an interim dividend of HKD 0.35 per share, down 42.6% from HKD 0.61 in 2023[9]. - As of June 30, 2024, the total backlog of orders was HKD 6.40 billion (USD 820 million)[5]. - The basic earnings per share for the first half of 2024 was HKD 0.76, a decrease of 50.0% year-on-year but an increase of 245.5% half-on-half[8]. - The operating profit margin for the first half of 2024 was 5.8%, down 512 basis points year-on-year but up 212 basis points half-on-half[5]. - The company expects revenue for the third quarter of 2024 to be between USD 370 million and USD 430 million, representing a year-on-year decrease of 9.9%[5]. Market Segments - In the first half of 2024, the group's advanced packaging solutions contributed approximately 25% of total sales revenue, amounting to about $210 million, driven by strong demand from generative AI and high-performance computing applications[12]. - The automotive sector accounted for approximately 24% of total sales revenue, contributing about $200 million, despite a slowdown in the automotive market[15]. - The communication market was the second-largest source of revenue, accounting for about 17%, with growth driven by high-end smartphones and photonic applications[17]. - The total new order amount for advanced packaging solutions saw significant growth both year-on-year and half-on-half, with TCB solutions leading the revenue contributions[12]. Research and Development - Research and development expenses for the first half of 2024 were HKD 993 million, slightly down from HKD 1.00 billion in the same period last year[7]. - The group plans to invest approximately HKD 250 million in additional operational expenditures for R&D in 2024, focusing on strategic areas including infrastructure[25]. - The group has submitted over 2,000 patents and patent applications to date, reflecting its commitment to innovation[25]. Financial Position - The group’s cash and bank deposits totaled HKD 5.44 billion, while bank borrowings stood at HKD 2.53 billion, indicating a solid liquidity position[18]. - As of June 30, 2024, the group's cash and bank deposits amounted to HKD 5.44 billion, an increase from HKD 4.80 billion as of December 31, 2023[26]. - The group's capital investments for the first half of 2024 totaled HKD 182 million, supported entirely by operational cash flow[26]. - The group’s debt-to-equity ratio increased to 0.163 as of June 30, 2024, from 0.127 as of December 31, 2023[26]. Employee and Management - The total employee cost for the first half of 2024 was HKD 2.53 billion, compared to HKD 2.49 billion in the same period of 2023[29]. - As of June 30, 2024, the group employed approximately 10,800 staff, excluding 800 flexible and outsourced employees[29]. - The remuneration for directors and other key management personnel during the period amounted to HKD 33,267,000, an increase from HKD 31,865,000 for the six months ended June 30, 2023[84]. Shareholder Information - The company declared an interim dividend of HKD 783,758 for the previous year, which was paid out during the current period[46]. - The total dividend declared for the six months ended June 30, 2024, was HKD 322.3 million, down from HKD 783.8 million in the same period last year, representing a decrease of 58.8%[63]. - The company has proposed a special dividend for the year 2023, reflecting its commitment to returning value to shareholders[40]. Acquisitions and Investments - The acquisition of Beijing Borui Advanced Technology Co., Ltd. was completed on April 28, 2023, for RMB 23,500,000 (approximately HKD 26,844,000)[86]. - The acquisition of Soft Rock Technologies Sdn. Bhd. was completed on February 16, 2023, for MYR 7,044,000 (approximately HKD 12,921,000)[86]. - The acquisition of Tech Rewards Solutions, S. de R.L. de C.V. was completed on July 4, 2023, for MXN 25,682,000 (approximately HKD 11,756,000)[86]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2024[103]. - The audit committee consists of four independent non-executive directors and one non-executive director with extensive experience in auditing, legal matters, and corporate governance[104]. - The company has adopted the standard code of corporate governance and confirmed compliance by all directors for the six months ending June 30, 2024[103].

Investment Rating - The report assigns a neutral investment rating to ASMPT (0522.HK) with expectations of revenue guidance for Q3 2024 indicating a decline compared to Q2 [32][33]. Core Insights - ASMPT reported Q2 2024 revenue of $427 million, a quarter-over-quarter increase of 6.5% but a year-over-year decrease of 14.1%. The gross margin was 40.0%, slightly down from the previous quarter [4][5]. - The semiconductor solutions segment showed strong performance with Q2 revenue of $213 million, up 21.0% quarter-over-quarter and 0.9% year-over-year, driven by TCB technology and demand from high-end automotive applications [6][7]. - The SMT solutions segment faced challenges, with Q2 revenue of $215 million, down 4.9% quarter-over-quarter and 24.8% year-over-year, primarily due to a slowdown in the automotive and industrial markets [8][9]. - The company expects Q3 2024 revenue to be between $370 million and $430 million, indicating a quarter-over-quarter decline of 6.4% and a year-over-year decline of 9.9% [9]. Summary by Sections Overall Performance - Q2 2024 revenue was $427 million, with a gross margin of 40.0% and an operating profit margin of 4.0%. New orders totaled $399 million, reflecting a quarter-over-quarter decrease of 2.4% but a year-over-year increase of 3.9% [4][5]. Revenue Breakdown by Business Semiconductor Solutions - Revenue for Q2 2024 was $213 million, with a gross margin of 44.5%. New orders amounted to $222 million, up 11.6% quarter-over-quarter and 37.0% year-over-year [6][7]. SMT Solutions - Revenue for Q2 2024 was $215 million, with a gross margin of 35.6%. New orders decreased to $177 million, down 15.7% quarter-over-quarter and 20.6% year-over-year [8][9]. Q3 2024 Guidance - The company maintains an optimistic outlook for advanced packaging, while the traditional packaging business is expected to recover slower than anticipated. The SMT market is expected to remain weak [9].

Investment Rating - The report maintains a "Buy" rating for ASMPT (0522.HK) [2] Core Views - The semiconductor recovery is slower than expected, with traditional packaging and SMT (Surface Mount Technology) businesses under pressure, while advanced packaging driven by AI is seen as a long-term growth point for the company [1][2] - The company reported Q2 2024 revenue of USD 427 million (HKD 3.34 billion), a year-on-year decrease of 14.3% but a quarter-on-quarter increase of 6.5%, exceeding previous guidance [1] - The semiconductor solutions segment saw revenue of USD 213 million, up 21% year-on-year, while SMT revenue was USD 215 million, down 25% year-on-year [1] Summary by Sections Financial Performance - Q2 2024 adjusted net profit was HKD 137 million, down 56% year-on-year and 23% quarter-on-quarter, with a net profit margin of 4.1% and EPS of HKD 0.33 [1] - The company’s guidance for Q3 2024 revenue is between USD 370 million and USD 430 million, indicating a quarter-on-quarter decrease of 6.4% [1] Order Trends - Total new orders in Q2 2024 were USD 399 million, down 2.4% quarter-on-quarter, primarily due to a decline in SMT orders [1] - New orders for the semiconductor business increased by 12% quarter-on-quarter to USD 220 million, driven by advanced packaging solutions [1] Long-term Growth Drivers - The demand for AI chips and HBM (High Bandwidth Memory) is expected to accelerate shipments of TCB (Thermal Compression Bonding) equipment in 2025/2026 [1] - The company is optimistic about the growth of its advanced packaging business, particularly in TCB and HBM equipment, due to strong customer demand and ongoing R&D progress [1] Profit Forecast and Valuation - The net profit forecast for 2024-2026 has been revised down to HKD 5.65 billion, HKD 13.41 billion, and HKD 20.04 billion, reflecting a year-on-year growth rate of -21.0%, +137.4%, and +49.4% respectively [1][2] - The report highlights the potential for significant revenue growth in advanced packaging, despite short-term pressures on traditional packaging and SMT businesses [1]

L 迁泰将投告 ASMPT (522 HK) SMT 及传统非我业务地联组期业务 부휴坏充是新版合 2024 年 7 月 25 日 | 中国香港本學体 SMT 远待统对境业务管承临菊地示 Q2 BB ratio 啊灌到 1 以下 ASMPT 发布 2Q24 业绩，2Q24 意款 33.4 亿港币，同比下降 14.3%，环比 增长 6.5%，符合此前的指引：毛利率同比下降 0.1pct，环比下降 1.8pct 圣 40.0%: 冷利润为 1.37 亿港币，同比下降 55.5%，环比下降 22.7%，並落 侏子彭拷一致预期 35%: 新增订半 31.2 亿港币，订半收入比（BB ratio） 回落科 1 以下, 主国汽车及工业终站市场编码予获 SMT 业务订单环比下降, 传统并装业务移复线设。公司预计 3Q24 容教中包贫将环比下降 6.4%，同 比下降 9.9%，计半环比也有长个住餐下降。表们切然看好公司 TCB 考先进 村菜业务的成长性，位 SMT 业务组期价持仓利汽车和工业宽茶编码范景， 传统对装业务完条修复较慢。 预计 2024/2025/2026 辛归草冷利润为 5.75/14.73/25.50 亿港币 ...

Investment Rating - The investment rating for ASMPT is maintained as "Buy" [2][4]. Core Insights - The SMT business is underperforming, and while TCB is expected to drive profit improvement in HBM applications, the overall recovery in 2024 is anticipated to be weaker than expected [4][5]. - The company has revised its net profit forecasts for 2024-2025 down to HKD 6 billion and HKD 14 billion, respectively, due to the underperformance of the SMT business [4]. - TCB equipment is expected to see rapid growth, particularly in logic and storage applications, with significant orders already received from HBM customers [6]. Financial Summary - For Q2 2024, the company reported revenue of USD 427 million, a 6.5% increase quarter-on-quarter, driven by advanced packaging and consumer electronics market recovery [5]. - The company expects Q3 2024 revenue to be in the range of USD 370-430 million, indicating a potential 6.4% decline at the median [5]. - The projected financial metrics for 2024-2026 include: - Revenue: HKD 12.936 billion (2024E), HKD 15.585 billion (2025E), HKD 18.505 billion (2026E) - Net Profit: HKD 550 million (2024E), HKD 1.418 billion (2025E), HKD 2.677 billion (2026E) - EPS: HKD 1.3 (2024E), HKD 3.4 (2025E), HKD 6.5 (2026E) [7].