小摩：升ASMPT目标价至130港元 维持“增持”评级

Core Viewpoint - Morgan Stanley's report indicates that ASMPT (00522) is well-positioned to benefit from strong growth in advanced packaging equipment investments and a recovery in mainstream semiconductor solutions [1] Group 1: Company Performance - ASMPT is implementing stricter operational expenditure management, which is expected to enhance operational leverage in the coming quarters [1] - The target price for ASMPT has been raised from HKD 125 to HKD 130, maintaining an "overweight" rating [1] Group 2: Market Outlook - In the long term, ASMPT's business portfolio restructuring will lead to a greater focus on the rapidly growing advanced packaging equipment business [1] - The overall market size for wafer-level packaging is expected to expand, along with improvements in the mainstream semiconductor market, leading to accelerated profit growth anticipated for 2026 to 2027 [1]