Zhi Tong Cai Jing·2025-10-31 03:19Core 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]