小摩：升ASMPT至“增持”评级 目标价上调至125港元

Core Viewpoint - Morgan Stanley upgraded ASMPT (00522) rating from "Neutral" to "Overweight" and raised the target price from HKD 76 to HKD 125, citing strong capital expenditure trends in advanced logic packaging and initial signs of improvement in the mainstream outsourced semiconductor assembly and test (OSAT) market [1] Group 1 - The company’s earnings per share forecasts for fiscal years 2026 and 2027 were increased by 7% and 15% respectively [1] - ASMPT is expected to raise its long-term total addressable market size for thermal compression bonding (TCB) equipment and is confident in gaining more market share in this area [1] - The company will provide updates on its progress in the high bandwidth memory (HBM) thermal compression bonding market, noting that the capital expenditure environment in China and among mainstream OSAT providers is becoming more favorable [1]