智通财经网·2026-02-23 03:52Core Viewpoint - Bank of America Securities forecasts a significant recovery for ASMPT (00522) from the second half of 2026 through the following two years, raising the target price from HKD 95 to HKD 150 and upgrading the rating from "Neutral" to "Buy" [1] Group 1: Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of over 30% in earnings per share over the next three years, with revenue reaching mid to high cycle levels and gross margins exceeding 40% [1] - The forecast assumes that the company will capture a market share of 20% to 30% in the TCB sector, which is sufficient to support strong sales and earnings growth in the upcoming years [1] Group 2: Market Dynamics - The adoption of the company's TCB equipment technology is anticipated to increase among various memory and logic chip manufacturers, driven by backend capacity expansion and technological upgrades in semiconductor manufacturing [1] - Despite a focus on front-end capital expenditures by chip manufacturers, the company expects sales to remain low at HKD 3.6 billion and HKD 3.8 billion in the first and second quarters of this year, respectively, but anticipates a gradual recovery starting in the second half of this year [1]