ASMPT：升目标价至130港元，维持“增持”评级-20260306

Investment Rating - The report maintains an "Overweight" rating for ASMPT, with the target price raised from HKD 125 to HKD 130 [1] Core Insights - ASMPT is well-positioned to benefit from strong growth in advanced packaging equipment investments and a recovery in mainstream semiconductor solutions [1] - The company is implementing stricter operational expenditure management, which is expected to enhance operational leverage in the coming quarters [1] - Long-term, ASMPT's business portfolio restructuring will lead to a greater focus on the rapidly growing advanced packaging equipment segment [1] - With the overall market size for wafer-level packaging expanding and improvements in the mainstream semiconductor market, earnings are expected to accelerate in 2026-2027 [1]