UBS Raises ASMPT (00522) Target Price to HK$135, Views Potential SMT Business Spin-off as Positive

Stock News01-22

UBS has released a research report stating that due to improved growth visibility in its thermal compression bonding (TCB) business, it has raised its profit forecasts for ASMPT (00522) by 3% and 4% for this year and next, respectively. The bank has also extended its valuation base to 2027, and based on a forecast price-to-earnings ratio of 24 times, it has increased the target price from HK$95 to HK$135, maintaining a "Buy" rating. ASMPT announced it is evaluating strategic options for its Surface Mount Technology (SMT) business, which could potentially involve a sale, joint venture, spin-off, or public listing. UBS views this move positively, as it would allow the company to focus on semiconductors and advanced packaging, thereby streamlining operations and resource allocation. The SMT business traditionally has lower profit margins and technical barriers and operates on a different industry cycle than the semiconductor sector. If ASMPT opts for a spin-off or divestment, its profit margins and earnings are expected to see a structural improvement due to opportunities in the advanced packaging business, potentially leading to a re-rating of its valuation. The stock is currently trading at a forecast 2027 price-to-earnings ratio of 18 times, which is below its international peers.

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ASMPT announced it is evaluating strategic options for its Surface Mount Technology (SMT) business, which could potentially involve a sale, joint venture, spin-off, or public listing. UBS views this move positively, as it would allow the company to focus on semiconductors and advanced packaging, thereby streamlining operations and resource allocation. The SMT business traditionally has lower profit margins and technical barriers and operates on a different industry cycle than the semiconductor sector. If ASMPT opts for a spin-off or divestment, its profit margins and earnings are expected to see a structural improvement due to opportunities in the advanced packaging business, potentially leading to a re-rating of its valuation. The stock is currently trading at a forecast 2027 price-to-earnings ratio of 18 times, which is below its international peers.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS Raises ASMPT (00522) Target Price to HK$135, Views Potential SMT Business Spin-off as Positive</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS Raises ASMPT (00522) Target Price to HK$135, Views Potential SMT Business Spin-off as Positive\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-01-22 11:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>UBS has released a research report stating that due to improved growth visibility in its thermal compression bonding (TCB) business, it has raised its profit forecasts for ASMPT (00522) by 3% and 4% for this year and next, respectively. 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The stock is currently trading at a forecast 2027 price-to-earnings ratio of 18 times, which is below its international peers.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0417516902.SGD","symbol_name":"Allianz China Equity Cl AT Acc SGD","start_time":0,"source_url":"","article_id":"1143926591","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1143926591","pubTimestamp":1769051661,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"UBS has released a research report stating that due to improved growth visibility in its thermal compression bonding (TCB) business, it has raised its profit forecasts for ASMPT (00522) by 3% and 4%...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0227179875.USD":"SCHRODER ISF ASIAN SMALLER COMPANIES \"A\" ACC","BK1589":"北水核心资产","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","00522":"ASMPT","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","BK1614":"港股-半导体","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","BK1169":"半导体设备","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD"},"translate_title":"瑞银上调ASMPT(00522)目标价至135港元视潜在SMT业务分拆利好","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00522":1},"content_text":"UBS has released a research report stating that due to improved growth visibility in its thermal compression bonding (TCB) business, it has raised its profit forecasts for ASMPT (00522) by 3% and 4% for this year and next, respectively. The bank has also extended its valuation base to 2027, and based on a forecast price-to-earnings ratio of 24 times, it has increased the target price from HK$95 to HK$135, maintaining a \"Buy\" rating. ASMPT announced it is evaluating strategic options for its Surface Mount Technology (SMT) business, which could potentially involve a sale, joint venture, spin-off, or public listing. UBS views this move positively, as it would allow the company to focus on semiconductors and advanced packaging, thereby streamlining operations and resource allocation. The SMT business traditionally has lower profit margins and technical barriers and operates on a different industry cycle than the semiconductor sector. If ASMPT opts for a spin-off or divestment, its profit margins and earnings are expected to see a structural improvement due to opportunities in the advanced packaging business, potentially leading to a re-rating of its valuation. 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