Goldman Sachs has issued a research report stating it expects ASMPT (HKEX: 00522) to benefit from the advanced packaging trend within the rising AI infrastructure cycle. The firm has raised its forecasts for AI server chip shipments in 2026, 2027, and 2028 by 14%, 22%, and 14% respectively. It anticipates that increasing end-demand for AI infrastructure will drive shipments of ASMPT's thermal compression bonding equipment and PCB SMT tools, projecting a compound annual growth rate of 36% for the company's net profit from 2026 to 2028.

Goldman Sachs has increased its target price for ASMPT from HK$118.3 to HK$206, while maintaining a "Neutral" rating, suggesting that positive factors are largely already reflected in the current share price.

The report highlights that TSMC's increased CoWoS capacity and capital expenditure, coupled with ASMPT's announcement of a repeat order for eight chip-to-wafer application TCB tools from a leading global IDM customer, reinforce the bank's positive outlook for ASMPT's growth over the coming years.

To account for rising demand for advanced packaging equipment, Goldman Sachs has raised its earnings per share forecasts for ASMPT for 2027 and 2028 by 16% and 22% to HK$5.75 and HK$6.89, respectively.