智通财经网·2026-01-22 03:17Core 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]