Ge Long Hui·2025-10-22 05:22Core Viewpoint - Morgan Stanley predicts ASMPT may incur losses in Q3 due to one-time restructuring costs, but encourages investors to focus on its long-term growth drivers, including CoWoS-L capacity expansion, development of high-frequency memory in China, and advancements in hybrid bonding [1] Financial Performance - ASMPT's Q3 revenue guidance median is set at $475 million, representing an 11% year-over-year growth [1] - Morgan Stanley forecasts that the company's revenue will meet this guidance, but anticipates approximately $360 million in one-time restructuring costs, leading to a net loss of about $69 million for the period [1] Market Trends - Mainstream semiconductor demand is recovering, and the advanced packaging market continues to grow, with the Q3 order-to-shipment ratio expected to remain above 1 [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on ASMPT, raising the target price from HKD 80 to HKD 100 [1] - The earnings forecast for this year has been reduced by 45%, while the earnings per share forecasts for 2026 and 2027 have been increased by 10% and 23%, respectively [1]