In "The Big Bank," Citigroup raises ASMPT's target price to 95 yuan and maintains a "Outperform" rating
Citi published a report stating that ASMPT (00522.HK) adjusted net profit in the third quarter fell 24% from the previous quarter to HKD 100.6 million, lower than the market expectation of HKD 200.8 million, mainly due to a decline in gross margin.
The report indicated that the company's TCB business is progressing steadily, successfully securing the industry's first HBM4 12H order from two global high-end memory manufacturers. Growth in mainstream business benefits from demand for artificial intelligence. Based on a higher price-to-book ratio, the target price has been raised from HKD 76.6 to HKD 95, while maintaining an "outperform" rating
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