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<Research>UOB Kay Hian Cuts ASMPT (00522.HK) TP to $120; 1Q Results Solid
Recommend 5 Positive 2 Negative 2 |
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In a research report by UOB Kay Hian, ASMPT (00522.HK) was said having reported better-than-expected 1Q24 results, on the back of strong margins, but 2Q24's revenue guidance was below the expectations of UOB Kay Hian and the market, due to sluggish sales of mainstream tools. The advanced packaging business remained vibrant in 1Q24, and the broker saw more positive progress in TCB (thermo-compression bonding) and HB (hybrid bonding) businesses. The broker maintained Buy on ASMPT, with target price lowered to $120 from $129.2. According to UOB Kay Hian, ASMPT management expected 2Q24 revenue to be US$380 million to US$440 million, below the broker's and the market's estimates of US$479 million to US$471 million, and 16% and 13% below the median of the broker's and the market's forecasts, respectively. ASMPT management foresaw 2Q24's order bookings to be flattish QoQ. AAStocks Financial News |
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