Citi: Raises ASMPT target price to HKD 95, maintains "Outperform" rating
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Citi released a research report stating that ASMPT's adjusted net profit for 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 HBM412H order from two global high-end memory manufacturers. The growth of mainstream business benefits from the 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, maintaining an "outperform" rating
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