According to the information from the iFeng Finance app, ASM Pacific Technology (ASMPT) (00522) rose by more than 3%, reaching a 3.40% increase at the time of publication, closing at HKD 112.40 with a turnover of HKD 1953.31 million.
UBS released a report stating that they maintain a constructive view on ASMPT's Thermo-Compression Bonding (TCB) technology, and believe that the potential breakthrough for its 12-layer HBM3E and HBM4 is increasing for the years 2025 to 2026. Additionally, the company has started delivering 2.5D TCB packaging to companies such as Taiwan Semiconductor Manufacturing Company (TSM.US) this year, with expectations of more deliveries next year and beyond.
Based on market data, the bank estimates that the demand for TCB in 2025 could reach 640 units, involving around USD 9 billion to 9.5 billion, with 70% coming from High Bandwidth Memory (HBM) and 30% from logic chips. Assuming the company holds 80% to 90% market share in logic chips and HBM respectively, and 30% share in TCB, it is expected to account for 15% to 20% of next year's sales, compared to mid-single digits this year. Sales growth for traditional backend and Surface Mount Technology (SMT) tools is expected to be even better in 2025 to 2026. The bank forecasts a 37% increase in sales and a 1.35x increase in profit for the company in 2025.
The bank believes that with the increase in TCB market share and the recovery of traditional businesses, ASMPT's revenue is expected to accelerate in 2025 to 2026. They have raised their profit forecast for 2025 and 2026 by 4% and 18% respectively, raising the target price from HKD 116 to HKD 145, with a &#34;Buy&#34; rating

00522

ASMPT rose more than 3%, as of the time of publication, it rose by 3.40% to HKD 112.40, with a turnover of HKD 1953.31 million

Market Insight | ASMPT rises over 3% as UBS expects to deliver more 2.5D packaging TCB to TSMC and other companies next year and beyond