Bank of America Securities Reaffirms Buy Rating on ASMPT, Raises Target Price to HK$190

Deep News04-25 10:40

Bank of America Securities issued a research report announcing upward revisions to ASMPT's (00522) earnings per share forecasts for 2026, 2027, and 2028 by 21%, 14%, and 13%, respectively. The target price has been increased from HK$160 to HK$190, reflecting expectations of stronger growth in both earnings per share and dividends per share. The firm reiterated its "Buy" rating.

ASMPT's first-quarter 2026 results significantly exceeded both market expectations and the firm's own projections. Sales reached 4 billion yuan, representing a year-on-year increase of 27% or a 32% increase when measured in US dollars. Non-GAAP gross margin, operating margin, and earnings per share were 39.5%, 10%, and 0.8 yuan, respectively, surpassing the market's expected earnings per share of 0.56 yuan and the firm's forecast of 0.51 yuan. Key contributing factors likely included high gross margins from semiconductor equipment and a rapid recovery in SMT sales. Non-operating expenses were minimal, and the company maintained a net cash position. Consequently, earnings per share appear to be several times higher than the lows seen between 2023 and 2025.

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