Core Viewpoint - ASMPT's third-quarter performance was generally below expectations due to profit reduction and restructuring costs, but management provided a positive outlook for the fourth quarter with expected sales of $470 million to $530 million, representing a 7% quarter-over-quarter increase and a 14% year-over-year increase [1] Financial Performance - ASMPT's third-quarter results were impacted by profit shrinkage and restructuring expenses, leading to performance that fell short of expectations [1] - The company anticipates a strong earnings growth next year, with the potential for over 100% increase in earnings per share due to a low base in 2025, although revenue and profit are expected to remain at moderate levels within the cycle [1] Analyst Rating - The firm reiterated a "Neutral" rating on ASMPT, adjusting the target price from HKD 100 to HKD 95 [1]

Core Viewpoint - ASMPT's third-quarter performance was generally below expectations due to profit reduction and restructuring costs, but management provided a positive outlook for the fourth quarter with expected sales of $470 million to $530 million, representing a 7% quarter-over-quarter increase and a 14% year-over-year increase [1] Financial Performance - ASMPT's third-quarter results were impacted by profit shrinkage and restructuring expenses, leading to performance that fell short of expectations [1] - The company anticipates strong earnings growth for the next year, with projections indicating that earnings per share could more than double due to a low base in 2025, although revenue and profit levels are expected to remain at moderate cyclical levels [1] Analyst Rating - The firm reiterated a "neutral" rating on ASMPT, adjusting the target price from HKD 100 to HKD 95 [1]

Core Viewpoint - UBS forecasts a stable outlook for ASMPT (00522) until 2026, adjusting the earnings per share (EPS) forecast down by 78% to HKD 0.28 due to lower gross margins in the second half of 2025 and business restructuring impacts, while raising the 2026 sales forecast by 22% and EPS by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses, maintaining a "Buy" rating and raising the target price from HKD 83 to HKD 95 [1] Group 1 - ASMPT's management provided guidance for Q4 2025 revenue growth at a median of 7% quarter-on-quarter, exceeding the market's expectation of 4%, supported by SEMI and SMT businesses [1] - The guidance for new orders in Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in the mid-double-digit percentage range, while SMT orders are expected to decline quarter-on-quarter due to a high base [1] - Management expresses confidence in the TCB business, anticipating that AI opportunities in 2026 will benefit both advanced packaging and mainstream businesses [1]

Core Viewpoint - UBS forecasts a stable outlook for ASMPT (00522) until 2026, adjusting the full-year earnings per share (EPS) forecast down by 78% to HKD 0.28 due to lower gross margins in the second half of 2025 and business restructuring impacts, while raising the 2026 sales forecast by 22% and EPS forecast by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses, maintaining a "Buy" rating and raising the target price from HKD 83 to HKD 95 [1] Group 1 - ASMPT management provided guidance for Q4 2025 revenue growth at a median of 7% quarter-on-quarter, exceeding the market's expectation of 4%, supported by SEMI and SMT businesses [1] - New order guidance for Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in the mid-double-digit percentage range, while SMT orders are expected to decline quarter-on-quarter due to a high base [1] - Management expresses confidence in the TCB business, anticipating that AI opportunities in 2026 will benefit both advanced packaging and mainstream businesses [1]

Core Viewpoint - UBS report indicates ASMPT's management has provided a revenue guidance for Q4 2025 with a median quarter-on-quarter growth of 7%, surpassing the market expectation of 4%, supported by SEMI and SMT businesses [1] Group 1: Revenue and Orders Guidance - Q4 2025 revenue guidance shows a median quarter-on-quarter growth of 7%, better than the expected 4% [1] - New order guidance for Q4 is expected to remain flat quarter-on-quarter, with SEMI orders anticipated to grow in double digits while SMT orders are expected to decline due to a high base [1] Group 2: Future Outlook and Earnings Forecast - Management expects AI opportunities in 2026 to benefit both advanced packaging and mainstream businesses, maintaining confidence in TCB business [1] - UBS has adjusted the full-year earnings per share forecast down by 78% to HKD 0.28 due to lower gross margins in H2 2025 and business restructuring impacts [1] - Sales forecast for 2026 has been raised by 22%, with earnings per share forecast increased by 13% to HKD 3.94, reflecting improved visibility in advanced packaging and mainstream businesses [1] Group 3: Investment Rating and Target Price - UBS maintains a "Buy" rating for ASMPT, raising the target price from HKD 83 to HKD 95 [1]

该行预期ASMPT明年将录强劲的盈利增长，由于2025年的基数较低，料明年每股盈测可增逾1倍，惟收 入及利润的绝对值则应维持在周期的中等水平。该行重申对其"中性"评级，目标价由100港元下调至95 港元。 美银证券发表研究报告指，ASMPT第三季因利润缩减及重组费用，令业绩大致逊于预期。公司管理层 对第四季的指引正面，当中预期销售额介乎4.7亿至5.3亿美元，以中位数计算，按季升7%，按年增 14%。 ...

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% compared to the previous quarter, amounting to 100.6 million HKD, which is below market expectations of 200.8 million HKD, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for ASMPT in Q3 was 100.6 million HKD, a significant drop from the previous quarter [1] - The company's performance fell short of market expectations, which anticipated a profit of 200.8 million HKD [1] - The decline in profitability is attributed to a decrease in gross margin [1] Group 2: Business Developments - ASMPT's TCB business is progressing steadily, having secured its first HBM412H order from two global high-end memory manufacturers [1] - The growth in mainstream business is benefiting from the increasing demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price for ASMPT has been raised from 76.6 HKD to 95 HKD based on a higher price-to-book ratio [1] - The company maintains a "outperform" rating in the market [1]

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% to HKD 100.6 million, falling short of market expectations of HKD 200.8 million, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for Q3 was HKD 100.6 million, a 24% decline compared to the previous quarter [1] - The reported profit was below market expectations of HKD 200.8 million [1] Group 2: Business Developments - The company's TCB business is progressing steadily, having secured its first HBM412H order from two global high-end memory manufacturers [1] - Mainstream business growth is benefiting from the demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price has been raised from HKD 76.6 to HKD 95 based on higher price-to-book ratios [1] - The rating is maintained at "Outperform" [1]

Core Viewpoint - ASMPT's adjusted net profit for Q3 decreased by 24% to HKD 100.6 million, falling short of market expectations of HKD 200.8 million, primarily due to a decline in gross margin [1] Group 1: Financial Performance - The adjusted net profit for Q3 was HKD 100.6 million, a 24% decline compared to the previous quarter [1] - The reported profit was below market expectations, which were set at HKD 200.8 million [1] Group 2: Business Developments - The company's TCB business is progressing steadily, having secured the industry's first HBM4 12H order from two global high-end memory manufacturers [1] - Mainstream business growth is benefiting from increased demand driven by artificial intelligence [1] Group 3: Market Outlook - The target price has been raised from HKD 76.6 to HKD 95, based on higher price-to-book ratios [1] - The company maintains an "outperform" rating [1]

Core Viewpoint - The increasing importance of advanced packaging in integrated circuit production has led to an upgrade in ASMPT's target price and valuation metrics by Jianyin International, reflecting the company's strong position in the semiconductor packaging equipment sector [1] Group 1: Company Analysis - Jianyin International raised ASMPT's target price by 9%, from HKD 90 to HKD 98, and adjusted the target price-to-book ratio from 2.3x to 2.5x for 2026 [1] - ASMPT is recognized as a leading manufacturer of semiconductor packaging equipment with strong advanced packaging capabilities, making it a quality stock for long-term investment [1] - The company is expected to benefit from the increasing criticality of advanced packaging for integrated circuit miniaturization [1] Group 2: Financial Forecasts - Due to a one-time project drag, the earnings per share (EPS) forecast for ASMPT in 2025 has been reduced by 89% [1] - The gross margin and operating expense assumptions have been adjusted conservatively, leading to a 33% and 10% downward revision of the 2026-2027 forecasts, respectively [1] - The book value per share (BVPS) estimates for 2025-2027 have been lowered by 3% [1]