ASMPT (00522) saw its stock price climb 6.72% in early trading, currently trading at HK$96.15 with a turnover of HK$315.9 million.

Nomura released a research report stating that ASMPT obtained qualification from a leading foundry at the end of May this year, positioning itself as a potential second Chip on Wafer (CoW) Thermal Compression Bonding (TCB) supplier, with K&S being the other supplier. The firm believes ASMPT may have overcome obstacles and could formally secure next-generation CoW TCB orders in the near future. Considering the potential valuation re-rating from rising future order trends, Nomura raised ASMPT's target price from HK$90 to HK$125 while maintaining its "buy" rating.

The firm also expects ASMPT's order volume to further improve from the fourth quarter this year, as ASE Group continues to expand its CoWoS production lines and submit multiple CoWoS TCB orders. Additionally, Nomura anticipates that ASMPT's traditional packaging orders from China will also increase.