消息面上，ASMPT近日宣布，公司正评估旗下表面贴装技术业务(SMT)选项，有可能涉及出售、合 营、分拆或上市。ASMPT负责人表示，剥离SMT所带来的现金流回血以及管理精力的释放，计划投入 到半导体封装主业的研发竞赛中。花旗表示，该潜在SMT业务剥离，将使公司专注于半导体设备和先 进封装业务，有望释放股份价值。 ASMPT(00522)早盘涨超5%，截至发稿，涨4.46%，报104.3港元，成交额7515.85万港元。 ...

消息面上，ASMPT近日宣布，公司正评估旗下表面贴装技术业务（SMT）选项，有可能涉及出售、合 营、分拆或上市。ASMPT负责人表示，剥离SMT所带来的现金流回血以及管理精力的释放，计划投入 到半导体封装主业的研发竞赛中。花旗表示，该潜在SMT业务剥离，将使公司专注于半导体设备和先 进封装业务，有望释放股份价值。 智通财经APP获悉，ASMPT(00522)早盘涨超5%，截至发稿，涨4.46%，报104.3港元，成交额7515.85万 港元。 ...

30 January 2026 | 5:45PM HKT Equity Research ASMPT (0522.HK): TCB riding on memory/ CoWoS; Positive on SMT strategic options assessment; Neutral We expect an uptrend for ASMPT's semiconductor segment driven by the growing AI demand that will drive both advanced packing and mainstream back-end tools. The group's recent exploration of strategic options for its SMT segment (Read more), including divestitures, JV, spin-off and listing etc., suggests its focus to reallocate resources and prioritize the semicondu ...

第 1 頁 共 10 頁 v 1.2.0 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | ASMPT Limited | | | | | | | 呈交日期: | 2026年2月2日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | 證券代號 (如上市) | 00522 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | 上月底結存 500,000,000 HKD 0.1 HKD 50,000,000 增加 / 減少 (-) HKD 本月底結存 500,000,000 HKD 0.1 HKD 50,000,000 本月底法定/註冊 ...

消息面上，ASMPT近日宣布计划剥离旗下SMT业务。花旗发布研报称，剥离SMT业务将使公司专注于 半导体设备和先进封装业务，有助释放股份价值。花旗相信，随着ASMPT转型为一家半导体设备公 司，其股价可能突破历史估值区间。 瑞银也认为此举属正面，因公司可以专注半导体及先进封装，理顺经营及资源分配。SMT业务传统上 利润率及技术门槛较低，与半导体行业有不同行业周期。报告称，如ASMPT选择剥离或分拆，由于先 进封装生意机遇，利润率及盈利有望结构性上升，迎来潜在估值重评。 ASMPT(00522)再涨超5%，截至发稿，涨4.67%，报107.6港元，成交额5066.8万港元。 ...

瑞银也认为此举属正面，因公司可以专注半导体及先进封装，理顺经营及资源分配。SMT业务传统上 利润率及技术门槛较低，与半导体行业有不同行业周期。报告称，如ASMPT选择剥离或分拆，由于先 进封装生意机遇，利润率及盈利有望结构性上升，迎来潜在估值重评。 消息面上，ASMPT近日宣布计划剥离旗下SMT业务。花旗发布研报称，剥离SMT业务将使公司专注于 半导体设备和先进封装业务，有助释放股份价值。花旗相信，随着ASMPT转型为一家半导体设备公 司，其股价可能突破历史估值区间。 智通财经APP获悉，ASMPT(00522)再涨超5%，截至发稿，涨4.67%，报107.6港元，成交额5066.8万港 元。 ...

本报讯全球半导体封装设备龙头ASMPT于近日发布公告宣布，公司正评估旗下表面贴装技术业务 （SMT）选项，有可能涉及出售、合营、分拆或上市。 ASMPT相关人士表示，ASMPT计划通过剥离旗下海外非半导体业务，全面聚焦于半导体核心领域，不 断优化资产结构。 公开资料显示，2011年，ASMPT以一笔巨额收购将西门子的SMT业务收入囊中，这不仅让其一举成为 全球SMT设备的头部企业，更开辟了庞大的汽车电子与消费电子市场。SMT主要服务于传统PCB组 装，而面向AI芯片的先进封装设备，则属于典型的技术密集型产业。 目前，ASMPT的热压键合（TCB）与混合键合技术，是制造HBM（高带宽内存）等AI核心存储器的关 键工艺，也是提升芯片互连密度、突破算力瓶颈的重要路径。 ASMPT负责人表示，剥离SMT所带来的现金流回血以及管理精力的释放，计划投入到半导体封装主业 的研发竞赛中。对于ASMPT而言，这不仅是做减法，更是为了在未来算力争霸赛中做乘法。 业内人士认为，ASMPT这种战略转身背后，是对中国市场充满信心。中国不仅是全球最大的半导体消 费市场，更是AI应用落地前沿战场。ASMPT剥离SMT后，其资产结构变得极其 ...

本文源自：金融界AI电报 据香港交易所披露，贝莱德对ASMPT Ltd.的多头持仓比例于2026年1月20日从4.99%增至5.13%。 ...

Summary of ASMPT (0522.HK) Conference Call Company Overview - **Company**: ASMPT - **Industry**: Semiconductor and LED assembly and packaging equipment supplier - **Founded**: 1975 - **Market Cap**: HK$42,530 million (US$5,453 million) [7] Key Points Target Price and Valuation - **Target Price**: Raised to HK$125 based on a peak valuation of 35x P/E for 2026E, reflecting strong sector re-rating and potential from SMT business reassessment [1][5] - **Historical Valuation**: ASMPT shares have typically traded at 15x-25x forward P/E, but could break out of this range as it transitions to a pure SEMI play [5] Earnings Projections - **2026E Net Profit**: Estimated at HK$1.475 billion with a diluted EPS of HK$3.53, representing an 847.2% growth from 2025E [6][10] - **2027E Net Profit**: Expected to rise to HK$1.995 billion with a diluted EPS of HK$4.78, a 35.3% increase from 2026E [6][10] Strategic Business Moves - **SMT Divestiture**: ASMPT is exploring strategic options for its SMT business, including divestiture, which could enhance share valuation by focusing solely on SEMI and advanced packaging (AP) [3][10] - **SOTP Analysis**: Suggests a value per share exceeding HK$130, with SEMI/SMT net profit estimates of HK$1.0 billion/HK$475 million in 2026E and HK$1.2 billion/HK$753 million in 2027E [4][10] Industry Dynamics - **OSAT Capex Growth**: Increased capital expenditure in advanced packaging driven by robust demand in high-performance computing (HPC) is expected to benefit AP equipment vendors [2] - **AI-Driven Demand**: ASMPT is positioned to benefit from rising demand for AI-driven advanced packaging solutions, particularly in TCB (Through Silicon Via) applications [24][25] Risks - **Downside Risks**: Include potential slowdown in AI infrastructure investment, loss of TCB market share, reduced demand due to alternative technologies, intensifying competition, and export restrictions affecting back-end equipment [26] Financial Metrics - **2023A Net Profit**: HK$715 million with a diluted EPS of HK$1.73, reflecting a -72.7% decline [6] - **2024A Net Profit**: Expected to drop to HK$345 million with a diluted EPS of HK$0.83, a -51.9% decrease [6] - **2025E Net Profit**: Projected at HK$155 million with a diluted EPS of HK$0.37, a -55.2% decline [6] Market Performance - **Expected Share Price Return**: 22.8% with an expected total return of 24.9% [7] - **Dividend Yield**: Expected at 2.1% for 2026E [7] Conclusion - ASMPT is positioned for significant growth driven by strategic divestitures and increasing demand in the semiconductor industry, particularly in advanced packaging solutions. The company's focus on transforming into a pure SEMI play is expected to unlock additional shareholder value.

Core Viewpoint - Citigroup has raised the target valuation multiple for ASMPT (00522) from a projected price-to-earnings ratio of 28 times to 35 times, resulting in a target price increase from HKD 100 to HKD 125, maintaining a "Buy" rating. This reflects a strong revaluation in the industry and the market's perception of the potential value from the possible spin-off of its Surface Mount Technology (SMT) business [1] Group 1 - Capital expenditures are increasingly directed towards the Advanced Packaging (AP) sector, which is expected to drive profit growth for backend equipment suppliers [1] - The potential spin-off of ASMPT's SMT business will allow the company to focus on semiconductor equipment and advanced packaging, which Citigroup believes will unlock shareholder value [1] - Citigroup's sum-of-the-parts (SOTP) analysis estimates a per-share value that exceeds the target price for ASMPT, indicating confidence in the company's transformation into a semiconductor equipment firm and the potential for its stock price to break historical valuation ranges [1]