Macquarie Reaffirms Outperform Rating on ASMPT, Raises Target Price by 5% to HK$140

Stock News03-04

Macquarie has issued a research report maintaining an "Outperform" rating on ASMPT (00522) and increasing its target price by 5% to HK$140. ASMPT management has significantly raised its total addressable market (TAM) forecast for thermal compression bonding (TCB) to reach $1.6 billion by 2028. This implies a compound annual growth rate of 30% starting from $759 million in 2025, surpassing the previous projection of $1 billion by 2027. The updated TAM reflects the rapid acceleration in artificial intelligence logic and high-bandwidth memory investments. Management expressed optimism regarding 20H high-bandwidth memory and believes that if JEDEC standards continue to relax, TCB technology can support these stacking applications. Additionally, management views high-bandwidth flash memory as a significant and underexplored opportunity for TCB. The firm has raised its forecasted earnings for 2026, 2027, and 2028 by 6%, 6%, and 3%, respectively, attributing the adjustment to strong revenue growth in the SEMI business driven by AI and advanced packaging, partly offset by a downturn in the SMT business cycle.

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