Core Viewpoint - ASMPT's stock dropped over 3% following its removal from the Hang Seng Tech Index, despite third-quarter earnings meeting expectations, primarily driven by AI-related business [1] Financial Performance - ASMPT reported a third-quarter revenue that met expectations, benefiting from advanced packaging and mainstream business related to AI [1] - The gross margin was 35.7%, influenced by the product mix [1] - The company incurred a net loss of 269 million yuan, largely due to the impact of the Shenzhen factory liquidation [1] - After excluding restructuring costs and inventory write-offs, the adjusted profit for the quarter was 102 million yuan [1] Analyst Adjustments - CICC noted that while third-quarter revenue met expectations, the profit was below their forecast [1] - Due to the cancellation of one-time orders and the restructuring of the Shenzhen factory (which has been completed), as well as a lackluster performance in the AP business, CICC has reduced the 2025 revenue forecast by 5% to 13.56 billion yuan and net profit forecast by 75% to 250 million yuan [1] - The profit forecast for 2026 remains unchanged [1]

Core Viewpoint - ASMPT's stock has dropped over 3% following its removal from the Hang Seng Tech Index, despite third-quarter earnings meeting expectations, primarily driven by AI-related advanced packaging and mainstream business [1] Group 1: Company Performance - ASMPT's third-quarter revenue met expectations, benefiting from advanced packaging and mainstream business related to AI [1] - The gross margin was reported at 35.7%, influenced by the product mix [1] - The company reported a net loss of 269 million yuan, primarily due to the impact of the Shenzhen factory liquidation [1] Group 2: Adjustments and Forecasts - After excluding restructuring costs and inventory write-offs, the adjusted profit for the quarter was 102 million yuan [1] - Due to the cancellation of one-time orders and the restructuring of the Shenzhen factory, the revenue forecast for 2025 has been reduced by 5% to 13.56 billion yuan [1] - The net profit forecast for 2025 has been cut by 75% to 250 million yuan, while the profit forecast for 2026 remains unchanged [1]

Core Insights - The Hang Seng Index Company announced its quarterly review results, including the addition of Sinopharm to the Hang Seng Index, increasing the number of constituent stocks from 88 to 89 [1] - The Hang Seng Tech Index will include Li Auto while removing ASMPT from its constituents [1] Group 1 - The Hang Seng Index will now consist of 89 stocks following the inclusion of Sinopharm [1] - The addition of Sinopharm reflects a strategic move to enhance the index's representation of the healthcare sector [1] - The Hang Seng Tech Index's adjustment indicates a shift in focus towards electric vehicle manufacturers like Li Auto [1]

格隆汇11月21日丨根据联交所最新权益披露资料显示，2025年11月17日，ASMPT(00522.HK)获JPMorgan Chase & Co.以每股均价77.8447港元增持好仓27.67 万股，涉资约2153.96万港元。 | FREE FREE | 大股東/董事/最高行政人員名稱作出披露的 買入 / 南出或涉及的股每股的平均價 | | | | 特有機容的设分數目 | 估已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (請參閱上述*註解)有孜崇權版(日/月/年) | | | | | | | | 分目分析 | | CS20251120E00306 | JPMorgan Chase & Co. | 1101(L) | 276,699(L | HKD 77.8447 | 29.186.437(L | 7.00(L)17/11/2025 | | | | | | | 3,026,358(S) | 0.72(S) | | | | | | | 23,665,415(P) | 5.68(P) | | 股份代號: | 005 ...

香港联交所最新资料显示，11月17日，摩根大通增持ASMPT(00522)27.6699万股，每股作价77.8447港 元，总金额约为2153.96万港元。增持后最新持股数目约为2918.64万股，最新持股比例为7%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月17日，摩根大通增持ASMPT(00522)27.6699万股， 每股作价77.8447港元，总金额约为2153.96万港元。增持后最新持股数目约为2918.64万股，最新持股比 例为7%。 ...

Core Viewpoint - ASMPT's Q3 revenue met expectations, benefiting from advanced packaging and mainstream business driven by AI technology [1] Financial Performance - Gross margin was 35.7%, influenced by product mix [1] - Net loss was 269 million yuan, primarily due to the liquidation of the Shenzhen factory; adjusted profit for the quarter was 102 million yuan after excluding restructuring costs and inventory write-offs [1] Future Outlook - Revenue forecast for 2025 was reduced by 5% to 13.56 billion yuan, and net profit forecast was cut by 75% to 250 million yuan due to order cancellations and the restructuring of the Shenzhen factory, which has been completed [1] - 2026 profit forecast remains unchanged [1] - The rating of "outperforming the industry" is maintained, supported by market optimism regarding the company's AP business and an upward adjustment of the market valuation center [1] - Target price increased by 25% to 90 HKD [1]

Core Insights - ASMPT reported third-quarter results that met expectations, driven by advanced packaging and mainstream business benefiting from AI technology [1] - The gross margin was 35.7%, influenced by the product mix [1] - The net loss was 269 million yuan, primarily due to the impact of the Shenzhen factory liquidation; adjusted profit for the quarter was 102 million yuan after excluding restructuring costs and inventory write-offs [1] Financial Performance - Third-quarter new orders totaled 463 million USD, with a cancellation from a high-density substrate manufacturer affecting the original order total of 487 million USD [1] - Revenue for the third quarter met expectations, but profit fell short of the bank's forecasts [1] - Revenue forecast for 2025 was reduced by 5% to 13.56 billion yuan, and net profit forecast was cut by 75% to 250 million yuan; 2026 profit forecast remains unchanged [1] Market Outlook - The company maintains a "outperform" rating due to positive market sentiment towards its AP business and an upward shift in market valuation [1] - Target price was raised by 25% to 90 HKD [1]

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: | 2025年10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: | 2025年11月3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 ...

Core Insights - ASMPT reported 3Q25 revenue of HKD 36.61 billion (USD 4.68 billion), a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6%, aligning with expectations, primarily benefiting from AI-driven advanced packaging and mainstream businesses [1] - The gross margin was 35.7%, down 5.32 percentage points year-on-year and 4.05 percentage points quarter-on-quarter, mainly due to product mix effects [1] - The net loss was HKD 2.69 billion, significantly impacted by the Shenzhen factory liquidation; adjusted profit for the quarter was HKD 1.02 billion after excluding restructuring costs and inventory write-offs [1] Revenue and Orders - In 3Q25, semiconductor business revenue was USD 2.40 billion, down 6.5% quarter-on-quarter but up 5.0% year-on-year, with new orders of USD 2.08 billion, down 1.7% quarter-on-quarter and down 12.4% year-on-year [1] - SMT business secured USD 2.55 billion in orders, down 5.0% quarter-on-quarter but up 51.8% year-on-year, driven by advanced packaging demand and electric vehicle demand in China [1] Future Guidance and Developments - The company guided for 4Q25 revenue between USD 4.7 billion and USD 5.3 billion, with a midpoint indicating a year-on-year increase of 14.3% and a quarter-on-quarter increase of 6.8% [1] - Continuous development of new products in advanced packaging, including TCB solutions for 12-layer fourth-generation high-bandwidth memory, has received multiple HBM orders [2] - The company’s C2W ultra-fine pitch TCB plasma active removal solution has passed quality and reliability certification from leading wafer foundry clients and is ready for mass production [2] Profit Forecast and Valuation - Due to one-time order cancellations and the Shenzhen factory restructuring, the company has lowered its 2025 revenue forecast by 5% to HKD 135.60 billion and net profit forecast by 75% to HKD 2.5 billion, while maintaining the 2026 profit forecast [2] - The current stock price corresponds to a 22x 2026e P/E ratio, with a maintained outperform rating and a target price increase of 25% to HKD 90, reflecting a 24x 2026e P/E ratio and a 10% upside potential [2]