Stock Track | ASMPT Soars 5.05% Intraday After Blowout Q1 Results Trigger Target Price Hikes

Stock Track04-24

ASMPT's stock surged 5.05% during intraday trading, continuing its positive momentum from the previous session.

The significant price movement follows the semiconductor equipment maker's release of exceptionally strong first-quarter financial results. ASMPT reported a 193.5% year-over-year surge in adjusted net profit to HK$335 million, which exceeded market consensus by 41%. Revenue grew 32% to HK$3.97 billion, while new orders skyrocketed 72% to HK$5.67 billion, marking a four-year high with an order-to-shipment ratio of 1.43 - the highest level in five years.

Major investment banks responded to the outperformance by raising their target prices. CLSA lifted its target from HK$130.7 to HK$182.7 while maintaining an Outperform rating and raising earnings forecasts for the next three years by 32% to 43%. Similarly, Citi increased its target price to HK$180, anticipating a re-rating above historical levels as industry capital expenditure rises. Company management pointed to structural demand from AI-driven advanced packaging as a key growth driver for future performance.

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