JPMorgan Raises ASMPT Price Target to HK$175, Anticipates Multiple Catalysts in Coming Quarters

Stock News04-24

JPMorgan has released a research report indicating that ASMPT's first-quarter results and second-quarter guidance both significantly exceeded market expectations. This outperformance was primarily driven by strong revenue from its semiconductor and surface-mount technology (SMT) businesses, alongside improved semiconductor gross margins. The firm forecasts that ASMPT will achieve revenue growth of approximately 30% to 40% this year, supported by ongoing expansion in advanced packaging and a robust recovery in mainstream semiconductor and SMT solutions fueled by AI server circuit boards and power management ICs. Consequently, JPMorgan has raised its earnings per share estimates for the current and next fiscal years by 35% and 21%, respectively, and increased the target price from HK$130 to HK$175, maintaining an "Overweight" rating. The report highlights several potential catalysts for the stock in the coming quarters, including the release of backlogged HBM4 orders, which may materialize in the second half of the year after SK Hynix resolves logic substrate challenges for its Rubin chips. Additionally, ASMPT is engaged in extensive discussions with all DRAM manufacturers regarding the certification of HBM4E thermal compression bonding.

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