DBS issued a research report maintaining a "Buy" rating on ASMPT (00522) and increasing the target price from HK$130 to HK$185, equivalent to a projected price-to-earnings ratio of 45 times for this year. The report identified strategic options for the SMT business and continued progress in co-packaged optics (CPO) technology as key catalysts for a potential revaluation of the stock.

ASMPT reported a 32% year-over-year increase in revenue for the first quarter, exceeding market expectations by approximately 2%. New orders surged 71.6% compared to the same period last year, with a book-to-bill ratio reaching 1.43. During the period, adjusted net profit grew 193.5% year-over-year, surpassing market forecasts by 28%, driven by increased contributions from the high-margin semiconductor business. The report noted that the company's revenue guidance for the second quarter implies a 37% year-over-year increase, which is 6.5% higher than market expectations. DBS raised its profit forecasts for 2026 and 2027 by 5% and 8%, respectively, reflecting strong margin recovery in the semiconductor segment and positive momentum in the photonics business.