Zhi Tong Cai Jing·2026-03-05 03:59Group 1 - The core viewpoint of the report is that Citigroup has raised ASMPT's earnings forecast and increased the target price from HKD 125 to HKD 145, applying a price-to-earnings ratio of 35 times for the period from the second half of 2026 to the first half of 2027 [1] - The company continues to streamline its core business by deciding to divest NEXX, which is expected to help ASMPT focus more on its SEMI backend business and potentially break through its historical valuation range [1] - ASMPT's performance in the fourth quarter of last year exceeded guidance and expectations, with the first quarter of 2026 also showing strong revenue driven by growth in thermal compression bonding and high-end die bonding machines [1] Group 2 - The visibility of orders for the first half of 2026 is improving, with accelerating order growth momentum [1] - The report believes that with its technological leadership, ASMPT is well-positioned to capitalize on the growth of the thermal compression bonding market and gain market share [1]