＜Research＞CICC Drops ASMPT (00522.HK) TP to $100; New-gen TCB Biz Strong, But Traditional & SMT Biz Weak

　　CICC noted in a report that ASMPT (00522.HK) +3.050 (+3.820%) Short selling $108.28M; Ratio 21.172% announced its 2Q24 results. Revenue was HK$3.34 billion, down 14.3% YoY and up 6.5% QoQ, which is above the median of the company's guidance. For 3Q24, the company guided revenue to be in the range of US$370 million to US$430 million, down 9.9% YoY and 6.4% QoQ on a median basis. The 3Q guidance was lower than expected, as the traditional packaging equipment business is expected to rebound QoQ this year.

　　CICC lowered its net profit forecasts on ASMPT for 2024 and 2025 by 64% and 24% to HK$691 million and HK$1.881 billion respectively due to weaker-than-expected recovery in traditional markets and weakness in the surface mount technology (SMT) business. The broker maintained its Outperform rating. Considering that the market still recognises the company's leadership in the advanced packaging (AP) business, CICC trimmed its target price by 13% to HK$100, which corresponded to 22x 2025 P/E ratio.

　　Related NewsJPM Lowers ASMPT (00522.HK) 2025 EPS Forecast by 15%, Keeps Overweight Rating

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-26 16:25.)

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