Zhi Tong Cai Jing·2026-02-24 01:05Core 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] - Despite not assuming the company will capture more than 50% of the market share in the TCB sector, a market share of 20% to 30% is believed to be sufficient to support strong sales and earnings growth in the second half of this year and the following two 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 technology upgrades in semiconductor manufacturing [1] - Sales for the first and second quarters of this year are expected to remain low at HKD 3.6 billion and HKD 3.8 billion, respectively, but a gradual recovery is projected from the second half of this year (approximately HKD 4 billion per quarter) to 2027 (ranging from HKD 4 billion to HKD 5 billion) [1]