Core Viewpoint - ASMPT (00522) announced the issuance of a total of 56,700 shares to selected employees as part of a share grant plan approved by shareholders at the annual general meeting on May 7, 2019 [1] Group 1 - The share grant will be executed on March 10, 2026, under the authority granted to the board of directors [1] - The shares will be distributed to each selected employee, contingent upon their continued employment with the group on the vesting date and no prior notice of termination of their employment [1]

格隆汇3月10日丨ASMPT(00522.HK)发布公告，2026年3月10日，根据雇员股份奖励计划赋予的权限及 公司股东于股东周年大会上授予董事会的权限，信托人以现金认购新股份及公司同意发行及分配合共 5.665万股授予股份，以满足该等公告提述的授予股份。该等授予股份将会分配予每名获选雇员，惟前 提是相关获选雇员在归属日期仍为集团雇员，亦未在归属日期前发出通知以终止其于集团的任期及╱或 雇佣关系。 ...

Core Viewpoint - ASMPT announced the issuance of 56,700 shares as part of a stock grant plan approved by shareholders on May 7, 2019, to be allocated to selected employees, contingent upon their continued employment with the company by the vesting date [1] Group 1 - The stock grant plan allows for the issuance of new shares to selected employees [1] - The total number of shares to be issued is 56,700 [1] - The allocation of shares is dependent on the selected employees remaining with the company until the vesting date and not terminating their employment beforehand [1]

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） 根據僱員股份獎勵計劃發行股份 茲提述ASMPT Limited（「本公司」）日期為二零二五年七月二十九日及二零二五年十 二月三日刊發之公告（統稱「該等公告」），內容有關（其中包括）向獲選僱員授予RSP 股份之事宜，其中50%之權益將於二零二六年四月三十日（「歸屬日期」）歸屬。除另 有界定者外，本公告所用詞彙與該等公告所界定者具有相同涵義。 於二零二六年三月十日，根據該計劃賦予的權限及本公司股東於二零一九年五月七日舉 行之股東週年大會上授予董事會的權限，信託人以現金認購新股份及本公司同意發行及 分配合共56,650股授予股份，以滿足該等公告提述的授予股份。該等授予股份將會分配 予每名獲選僱員，惟前提是相關獲選僱員在歸屬日期仍為本集團僱員，亦未在歸屬日期 前發出通知以終止其於本集團之任期及╱或僱傭關係。 上述56,650股 ...

Core Viewpoint - ASMPT reported strong financial results driven by AI advancements, with significant growth in its advanced packaging business and a positive outlook for future orders and market share in the TCB segment [1] Financial Performance - ASMPT's sales revenue reached HKD 145.2 billion, representing a year-on-year increase of 9.8% [1] - The company's net profit after tax was HKD 9.02 billion, showing a substantial year-on-year increase of 163.6% [1] - The final dividend declared is HKD 0.34 per share, along with a special cash dividend of HKD 0.79 per share [1] Business Segment Growth - The advanced packaging (AP) business generated sales revenue of USD 532 million, marking a year-on-year growth of 30.2% [1] - The TCB (Thermal Compression Bonding) solutions significantly contributed to this growth [1] Market Outlook - According to CICC's report, ASMPT's revenue for Q4 2025 exceeded expectations, primarily driven by the growth in TCB equipment orders [1] - The company forecasts that the global TCB market could reach USD 1.6 billion by 2028, with a target market share of 35-40%, translating to USD 560-640 million [1] - The TCB equipment is expected to remain the fastest-growing segment for the company, supported by applications in logic chips and ongoing developments in HBM technology [1]

Core Viewpoint - ASMPT reported strong financial performance with significant revenue and profit growth, driven by advancements in AI and its advanced packaging business [1] Financial Performance - ASMPT's sales revenue reached HKD 14.52 billion, representing a year-on-year increase of 9.8% [1] - The company's net profit after tax was HKD 900 million, marking a substantial increase of 163.6% year-on-year [1] - The final dividend declared was HKD 0.34 per share, along with a special cash dividend of HKD 0.79 per share [1] Business Segments - The advanced packaging (AP) business generated sales revenue of USD 532 million, reflecting a year-on-year growth of 30.2% [1] - The contribution from the thermal compression bonding (TCB) solutions was particularly notable, driving the growth in the AP segment [1] Market Outlook - According to CICC's report, ASMPT's revenue for Q4 2025 is expected to exceed forecasts, primarily due to the growth in orders for TCB equipment [1] - The company anticipates that the global AI development trend will boost the TCB market size to USD 1.6 billion by 2028, with a target market share of 35-40%, equating to USD 560-640 million [1] - TCB equipment is projected to remain the fastest-growing segment for the company, supported by applications in logic chips and ongoing orders for HBM 12H and validation progress for HBM4 16H [1]

Core Viewpoint - ASMPT's 4Q25 performance exceeded expectations, driven primarily by TCB, with revenue reaching HKD 39.59 billion (USD 5.09 billion) [1] Financial Performance - 4Q25 order volume was USD 500 million, supported by TCB and SMT's mainstream business; gross margin was 35.8%; net profit was HKD 11.1 billion, with adjusted profit at HKD 1.2 billion [1] - For 2025, revenue is projected at HKD 137.36 billion (USD 17.6 billion) with a net profit of HKD 9.02 billion; orders are expected to reach USD 1.86 billion, with a shipment ratio of 1.05 [1] - The company anticipates 1Q26 revenue between USD 470 million and USD 530 million [1] Business Development Trends - The growth in orders for 2025 is primarily attributed to TCB, with a projected market size of USD 1.6 billion by 2028, aiming for a market share of 35-40%, equating to USD 560-640 million [1] - TCB equipment is expected to remain the fastest-growing segment for the company, considering applications in logic chips and ongoing validation of HBM technologies [1] Market Analysis - In 2025, advanced packaging (AP) is expected to contribute 30% to the company's revenue, up from 26% in 2024; the computer (including HPC) segment will account for 22% of revenue, while automotive revenue share is projected to decrease from 21% in 2024 to 16% [2] Asset Changes - The company plans to divest the ASMPTNEXX business, which focuses on middle-end packaging equipment, with expected revenue of HKD 785 million in 2025; the sale is anticipated to be completed by 2026 [2] Profit Forecast and Valuation - The profit forecast for 2026 remains largely unchanged, with the introduction of a 2027 forecast of HKD 168.30 billion in revenue and HKD 17.07 billion in profit; the current stock price corresponds to a 29.7x 2026E PE [2] - The target price has been raised by 50% to HKD 135, reflecting a 36x 2026E PE, indicating a 22% upside potential [2]

Summary of ASMPT (0522.HK) Conference Call Company Overview - **Company**: ASMPT (0522.HK) - **Market Cap**: HK$46,415 million (US$5,936 million) [2] Industry Insights - **Industry**: Semiconductor Packaging - **Key Development**: Discussions within JEDEC regarding the potential relaxation of the height limit for next-gen 20H HBM (High Bandwidth Memory) from 775µm to a range of 825-900µm [1][3] - **Impact of Height Increase**: - A height increase would favor TCB (Thermo-Compression Bonder) usage over HB (Hybrid Bonder), extending TCB's market presence due to its lower cost and established technology [1] - Current TCB technology supports HBM production up to 16H at the 775µm standard, while HB becomes necessary at 20H [1] Financial Outlook - **Target Price**: HK$145.00, representing a potential upside of 30.5% from the current price of HK$111.10 [2][12] - **Expected Total Return**: 32.4%, including a dividend yield of 1.9% [2] - **Valuation Justification**: Anticipated revenue and earnings recovery driven by: 1. AI-driven advanced packaging order wins, particularly in TCB for 2026 [12] 2. Recovery in mainstream SEMI (Semiconductor Equipment and Materials International) and SMT (Surface Mount Technology) markets [12] Risks - **Downside Risks**: 1. Slowdown in AI infrastructure investment [13] 2. Loss of TCB market share among key customers [13] 3. Reduced demand for TCB due to alternative technologies like hybrid bonding [13] 4. Increased competition within the industry [13] 5. Potential export restrictions affecting back-end equipment [13] Competitive Landscape - **Competitor Mentioned**: BE Semiconductor Industries (BESI.AS) - BESI is viewed as a competitor in the hybrid bonding space, with its own set of risks including technological pace, competitive intensity, and customer adoption rates [14][15][16][17][18][19] Conclusion - ASMPT is positioned to benefit from potential changes in HBM packaging standards, which could enhance its market share and financial performance. The company is recommended as a "Buy" based on its improving outlook and strategic focus on advanced packaging solutions [1][12]. However, investors should remain cautious of the outlined risks that could impact future performance.

Summary of ASMPT Conference Call Industry and Company Overview - The focus is on the advanced packaging (AP) sector, which is expected to account for 35% of total revenue by 2026, with TCB equipment revenue growing over 50% year-on-year, contributing 10% to total revenue [2][4] - The company is engaged in semiconductor solutions and surface mount technology (SMT), with revenue contributions projected at 55% for SMT and 45% for semiconductor solutions by 2026 [4] Core Insights and Arguments - Strong order guidance for Q1 2026, with a projected 40% year-on-year and 20% quarter-on-quarter increase, marking the highest quarterly orders in nearly four years [2][5] - The gross margin for Q4 2025 was impacted by a one-time semiconductor inventory impairment, but excluding this, a moderate upward trend is expected [2][5] - The company is accelerating the divestiture of non-core assets, having completed the sale of AAMI and planning to sell NEXS in H1 2026, aiming to focus on core packaging operations [2][7] - TCB technology lifespan has been extended, with the total addressable market (TAM) revised to $1.6 billion by 2028, and orders for HBM4 12-layer equipment have been secured from Micron and SK Hynix [2][8] Additional Important Points - The company has made significant progress in the CtoW field, with two AOI devices entering TSMC's supply chain earlier than expected, aiming to regain market share lost to lower-priced competitors [2][8] - The net profit for Q4 2025 saw a significant boost from a one-time gain of HKD 1.11 billion from the sale of AAMI, affecting year-on-year comparability [6] - The divestiture strategy is aimed at enhancing performance flexibility and generating one-time disposal gains, with a focus on increasing the revenue share from advanced packaging and TCB [7][10] - The company anticipates a potential valuation uplift, with a target PE ratio of 30-35 times for 2027, indicating a potential upside of 30%-35% from the current valuation of 22 times PE [3][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the domestic semiconductor equipment replacement is accelerating, leading to improved order visibility and driving valuation recovery [5] - The company reported a significant improvement in adjusted net profit and revenue growth due to operational leverage [7] - The company aims to maintain a market share of 35%-40% in the TCB segment, reinforcing its leading position in the industry [7] Financial Performance Summary - Revenue for 2026 is projected to be HKD 16,576 million, with a growth rate of 20.67% compared to 2025 [6] - The net profit for 2026 is expected to reach HKD 1,621 million, reflecting a growth rate of 79.66% [6] - The earnings per share (EPS) for 2026 is forecasted at HKD 3.88, with a price-to-earnings (PE) ratio of 28.64 [6] - The return on equity (ROE) is projected to be 8.69% for 2026 [6] Revenue and Profit Forecast - The company anticipates revenues of HKD 18,940 million and HKD 20,780 million for 2027 and 2028, respectively [7] - The net profit is expected to grow to HKD 1,792 million in 2027 and HKD 2,303 million in 2028 [7] - The report indicates a consistent increase in revenue and profit margins over the forecast period [7] Market Position and Strategy - The company has a strong order backlog, with Q1 2026 revenue guidance indicating a year-over-year growth of 29.5% [7] - The company is focusing on advanced packaging technologies and has made significant progress in the HBM sector [7] - The report mentions the potential sale of non-core businesses to concentrate on advanced packaging [7]