＜Research＞Macquarie Lowers ASMPT (00522.HK) TP to $110, Citing Slow SMT Recovery

　　Macquarie noted in a report that ASMPT (00522.HK) -6.050 (-6.875%) Short selling $218.03M; Ratio 18.607% management expected 3Q median revenue to be US$400 million, which is 21% and 20% lower than the broker's and the market's expectations respectively. The broker believed it would take longer for demand for surface mount technology (SMT) in the automotive and industrial markets to recover.

　　The broker expected ASMPT's semiconductor solutions segment to see positive YoY growth in 2H24 after nine quarters of YoY decline, and expected the SMT segment to bottom out in 1Q25. ASMPT's semiconductor solutions segment is still seen as being on an uptrend, driven by increased capital spending by TSMC (TSM.US) . ASMPT management has confirmed the momentum of thermal compression bonding (TCB) orders from logic and high bandwidth memory customers, as well as photonic solutions orders. The broker believed countries and corporations would be increasing their capital spending to build up their supply chains.

　　Related NewsM Stanley Maintains Overweight on ASMPT (00522.HK) as 2Q Results Miss

　　Macquarie adjusted its 2024/25/26 earnings forecasts for ASMPT by down 55%, down 31% and up 8% respectively, mainly due to a deferral of its expectation on the timing of SMT recovery. The broker maintained its Outperform rating on ASMPT and trimmed its target price to $110.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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