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。 ...

Group 1 - ASMPT is evaluating options for its Surface Mount Technology (SMT) business, which may involve sale, joint venture, spin-off, or public listing [2] - The company plans to divest its overseas non-semiconductor businesses to focus entirely on the semiconductor core sector and optimize its asset structure [4] - ASMPT's acquisition of Siemens' SMT business in 2011 positioned it as a leading player in the global SMT equipment market, opening significant opportunities in automotive and consumer electronics [4] Group 2 - ASMPT's key technologies, such as Thermal Compression Bonding (TCB) and Hybrid Bonding, are crucial for manufacturing High Bandwidth Memory (HBM) and enhancing chip interconnect density [4] - The divestiture of SMT is expected to free up cash flow and management resources, which will be redirected towards semiconductor packaging R&D [4] - Industry insiders believe that ASMPT's strategic shift reflects confidence in the Chinese market, which is the largest semiconductor consumer market and a key battleground for AI applications [5]

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]

Group 1 - The core viewpoint of the article is that Citigroup has raised the target valuation multiple for ASMPT from a projected price-to-earnings ratio of 28 times to 35 times, resulting in an increase in the target price from HKD 100 to HKD 125, with a "Buy" rating [1] - The report reflects a strong revaluation of the industry and the market's perception of the potential value from the possible spin-off or divestiture of ASMPT's surface mount technology (SMT) business [1] - Capital expenditures are increasingly directed towards the advanced packaging (AP) sector, which is expected to drive profit growth for backend equipment suppliers [1] Group 2 - The potential divestiture of the SMT business will allow ASMPT 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 [1] - As ASMPT transitions into a semiconductor equipment company, its stock price may break through historical valuation ranges according to Citigroup [1]

Core Viewpoint - Citi has raised the target price for ASMPT from HKD 100 to HKD 125, maintaining a "Buy" rating, reflecting strong valuation re-rating in the industry and the potential value from the market's interest in the separation or spin-off of its Surface Mount Technology (SMT) business [1] Group 1 - The report indicates that capital expenditure is increasingly directed towards the Advanced Packaging (AP) sector, which is expected to drive profit growth for backend equipment suppliers [1] - Citi believes that as ASMPT transforms into a semiconductor equipment company, its stock price may exceed historical valuation ranges [1]

Core Viewpoint - UBS has upgraded ASMPT's earnings forecast for the next two years by 3% and 4% respectively, citing improved visibility in the TCB business, and has raised the target price from HKD 95 to HKD 135, maintaining a "Buy" rating [1] Group 1: Earnings Forecast - ASMPT's earnings estimates for the next two years have been increased by UBS due to better growth visibility in the TCB business [1] - The valuation basis has been extended to 2027, predicting a price-to-earnings ratio of 24 times [1] Group 2: Business Strategy - ASMPT is evaluating options for its SMT business, which may involve sale, joint venture, spin-off, or public listing [1] - UBS views this move positively as it allows the company to focus on semiconductors and advanced packaging, optimizing operations and resource allocation [1] Group 3: Profitability and Valuation - The SMT business traditionally has lower profit margins and different industry cycles compared to the semiconductor sector [1] - If ASMPT chooses to divest or spin off the SMT business, there is potential for structural profit margin and earnings improvement due to opportunities in advanced packaging, leading to a possible revaluation [1] - The current trading valuation is at a projected 2027 price-to-earnings ratio of 18 times, which is lower than international peers [1]

Core Viewpoint - UBS has upgraded ASMPT's earnings forecast for the next two years by 3% and 4% respectively, citing improved visibility in the TCB business, and has raised the target price from HKD 95 to HKD 135, maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Valuation - ASMPT's earnings estimates for 2024 and 2025 have been increased by 3% and 4% respectively due to better growth visibility in the TCB business [1] - The valuation basis has been extended to 2027, predicting a price-to-earnings ratio of 24 times, with a new target price set at HKD 135 [1] Group 2: SMT Business Evaluation - ASMPT is evaluating options for its SMT business, which may involve sale, joint venture, spin-off, or public listing [1] - UBS views this move positively as it allows the company to focus on semiconductors and advanced packaging, optimizing operations and resource allocation [1] - The SMT business traditionally has lower profit margins and different industry cycles compared to the semiconductor sector, suggesting potential structural profit and earnings increases if ASMPT chooses to divest or spin off this segment [1] Group 3: Market Positioning - ASMPT is currently trading at a projected price-to-earnings ratio of 18 times for 2027, which is lower than its international peers [1]