Core Viewpoint - The company reported Q3 2025 earnings on October 28, 2025, with revenue of $468 million, showing a year-over-year increase of 10% and a quarter-over-quarter increase of 8%, aligning with previous guidance [1] Group 1: Financial Performance - Q3 revenue was $468 million, equivalent to 3.661 billion HKD, with a year-over-year growth of 10% and a quarter-over-quarter growth of 8%, meeting the guidance range of $445 million to $505 million [1] - Semiconductor solutions business revenue was 1.88 billion HKD ($240 million), with a year-over-year increase of 5% but a quarter-over-quarter decrease of 7%, driven by AI infrastructure demand and strong electric vehicle demand in China [1] - SMT business revenue reached 1.78 billion HKD ($228 million), showing a year-over-year increase of 15% and a quarter-over-quarter increase of 28%, benefiting from AI server demand and smartphone orders [1] - Q3 gross margin declined to 35.7%, with adjusted gross margin at 37.7%, down 330 basis points year-over-year and 203 basis points quarter-over-quarter, below the market expectation of 40.1% [1] - Net profit was -269 million HKD, but adjusted net profit was 102 million HKD, reflecting a year-over-year increase of 245% but a quarter-over-quarter decrease of 24% [1] Group 2: Order and Market Trends - Total new orders in Q3 amounted to $463 million, representing a year-over-year increase of 14% but a quarter-over-quarter decrease of 4% [2] - Semiconductor solutions business saw new orders of $208 million, down 12% year-over-year and 2% quarter-over-quarter, with low current orders due to customer AI technology timelines [2] - SMT business new orders reached $255 million, up 52% year-over-year but down 5% quarter-over-quarter, driven by AI server and electric vehicle demand [2] - The company expects Q4 2025 revenue guidance of $470 million to $530 million, indicating a year-over-year increase of 14% and a quarter-over-quarter increase of 7%, exceeding market expectations [2] Group 3: Strategic Developments - The company is deepening its focus on TCB and HBM, with expectations for accelerated shipments in Q4 2025 and 2026 [3] - TCB business is expected to gain significant orders from leading wafer foundry customers, with HBM4 showing early advantages [3] - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in restructuring costs but is expected to improve long-term profitability by saving 128 million HKD annually [3] - Adjusted net profit forecasts for 2025-2027 are revised to 203 million HKD, 1.351 billion HKD, and 1.935 billion HKD, reflecting significant growth in 2026 [3]

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for ASMPT (00522), highlighting strong AI demand and a recovery in mainstream business and SMT, with expectations for accelerated shipments in Q4 2025 and 2026, despite one-time costs from restructuring [1] Group 1: Financial Projections - The company adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates [1] - Year-on-year changes are projected at -41.2%, +565.2%, and +43.2% for the respective years [1] Group 2: Business Developments - The company is deepening its focus on TCB and HB, with expectations for accelerated shipments in Q4 2025 and 2026 [1] - In TCB, the company has validated HBM4 with major clients, anticipating orders from leading wafer foundry customers and preparing for mass production [1] - In the storage sector, the company has secured multiple orders for HBM4-12H, with one being a primary supplier [1] - The company continues to deliver HB in Q3, with several projects at different evaluation stages [1] Group 3: Restructuring Impact - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in a short-term loss for the company, but is expected to improve long-term profitability [2] - The restructuring and inventory write-off in Q3 incurred costs of HKD 3.55 billion, but is projected to enhance gross margins and save HKD 1.28 billion annually [2]

Group 1 - The core viewpoint of the report is that ASMPT (00522) maintains a "Buy" rating due to strong AI demand, recovery in mainstream business and SMT, and expected acceleration in TCB shipments in Q4 2025 and 2026, despite one-time costs from restructuring [1] - The company has adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates, with year-on-year changes of -41.2%, +565.2%, and +43.2% [1] - The report highlights that the company is making significant progress in TCB and HB equipment, with expectations for large-scale shipments to leading foundry customers, and the launch of HBM4 and 16-layer HBM is anticipated to further boost TCB demand, indicating a positive long-term outlook for advanced packaging business performance and valuation [1] Group 2 - The voluntary liquidation of the Shenzhen subsidiary AEC has led to a short-term loss for the company, but is expected to improve long-term profitability [2] - In Q3 2025, the company incurred restructuring and inventory write-off costs totaling HKD 3.55 billion due to the liquidation, but this is expected to enhance gross margin and save costs of HKD 1.28 billion annually post-completion [2]

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for ASMPT (00522), highlighting strong AI demand and a recovery in mainstream business and SMT, with expectations for accelerated shipments in TCB by Q4 2025 and in 2026, despite one-time costs from restructuring [1] Group 1: Financial Forecasts - The company adjusted its net profit forecasts for 2025-2027 to HKD 2.03 billion, HKD 13.51 billion, and HKD 19.35 billion, reflecting changes of -66%, +42%, and +41% respectively compared to previous estimates [1] - Year-on-year changes in net profit are projected at -41.2% for 2025, +565.2% for 2026, and +43.2% for 2027 [1] Group 2: Business Developments - The company is deepening its focus on TCB and HB, with expectations for accelerated shipments in Q4 2025 and 2026 [1] - In TCB, the company has validated HBM4 with key customers in the logic sector, anticipating orders from leading foundry clients starting in Q4 2025 [1] - In the storage sector, the company has secured multiple orders for HBM4-12H, with one major client as a primary supplier [1] - The company is also progressing in HB, with ongoing deliveries and multiple projects at different evaluation stages [1] Group 3: Restructuring Impact - The voluntary liquidation of the Shenzhen subsidiary AEC resulted in a short-term loss for the company, but is expected to improve long-term profitability [2] - The restructuring and inventory write-off in Q3 incurred costs of HKD 3.55 billion, but is projected to enhance gross margins and save HKD 1.28 billion annually [2]