ahead: soft auto & industrial demand has been an overhang for ASMPT's earnings since 2023, with the mix dropping to 23% from the peak level of 41% in 1H22. Management expects near-term automotive and industrial end demand to remain soft. We think recovery is likely in 2026 and 2027, as Tier 1 inventory digestion is normalizing ( Exhibit 6 ) and the Chinese auto market remains robust. July 24, 2025 09:26 AM GMT ASMPT Ltd | Asia Pacific AI data centers spark growth; upgrade to OW | What's Changed | | | | --- ...