Citi has issued a research report stating that ASMPT (00522) achieved a record-high order intake in the third quarter, with guidance far exceeding expectations. The bank reiterates its "Buy" rating with a target price of HK$250.
ASMPT's third-quarter results were broadly in line with expectations. Driven by advanced packaging, SEMI mainstream business, and SMT, revenue reached HK$5.247 billion, up 49% year-on-year and 6% quarter-on-quarter, in line with the original guidance of US$630 million to US$690 million. Net profit was HK$533 million, below the market consensus of HK$578 million, but still in line with Citi's estimates.
Citi noted that third-quarter orders reached HK$8.8 billion, a record high, with SEMI orders up 172% year-on-year and 32% quarter-on-quarter, while SMT orders also hit a new record, up 122% year-on-year and 19% quarter-on-quarter. Management expects fourth-quarter revenue to range between US$670 million and US$730 million, implying a midpoint year-on-year growth of approximately 38%, about 9% above market expectations, with the lower end also exceeding market consensus. Citi is bullish on advanced packaging demand being supported by order trends.