＜Research＞CCBI Slightly Cuts ASMPT (00522.HK) TP to $109; 2Q Results Miss

　　Jeopardized by the soft surface mount technology (SMT) business and higher opex, ASMPT (00522.HK) -6.050 (-6.875%) Short selling $218.03M; Ratio 18.607% reported weaker-than-expected 2Q results with revenue of $3.34 billion, down 14% YoY and up 6% QoQ, which is in line with company guidance but slightly above market expectations, according to a report by CCBI. During the period, revenue from the semi solutions (SEMI) and SMT businesses climbed 0.4% and plummeted 25.2% YoY respectively. Hurt by the SMT business, gross margin during the period narrowed by 1.8 ppts QoQ to 40%, which was partially offset by an improved margin from the SEMI business.

　　CCBI, however, believes that the advanced packaging (AP) business remains ASMPT's key growth driver, while the good progress in acquiring customers for thermal-compression bonding (TCB) and hybrid bonding (HB) tools can drive future growth. Maintaining a positive outlook on the long-term prospects, the broker reiterated an Outperform rating with a TP slightly reduced to $109 from $110 based on an unchanged 2.7x 2024 target P/B.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 16:25.)

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