Ge Long Hui·2025-10-31 07:05Core 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]