Ge Long Hui·2026-03-05 05:43Group 1 - The core viewpoint of the report is that ASMPT's management provided an optimistic outlook during the Q4 2025 earnings call, particularly regarding the growth prospects of Thermal Compression Bonding (TCB) equipment and a target market share of 35% to 40% in the logic and HBM sectors [1] - ASMPT is likely to transform into a company that sells more TCB equipment, focusing on advanced packaging, as discussed in their restructuring plan, although no specific timeline was provided [1] - TCB is expected to account for approximately 25% of semiconductor solutions sales in 2025, with projections indicating that this figure will exceed 50% by 2028 [1] Group 2 - The report reiterates a "Buy" rating for ASMPT and raises the target price from HKD 150 to HKD 160 following an upward revision of earnings per share estimates for 2026 to 2027 [1]