Macquarie raises ASMPT's target price to 140 yuan, AI empowers structural growth

AASTOCKS
2026.03.04 08:11

Macquarie published a report indicating that ASMPT (00522.HK) management has significantly raised the total addressable market (TAM) forecast for thermal compression bonding (TCB) to reach USD 1.6 billion by 2028, implying a compound annual growth rate of 30% from USD 759 million in 2025, higher than the previous forecast of USD 1 billion by 2027. The updated total addressable market reflects the rapid acceleration of investments in artificial intelligence logic and high bandwidth memory.

Management is optimistic about 20H high bandwidth memory and believes that if JEDEC standards continue to relax, thermal compression bonding technology can support these stacks. Additionally, management sees high bandwidth flash memory as a significant opportunity for thermal compression bonding that has not been fully developed. The firm raised its earnings forecasts for 2026, 2027, and 2028 by 6%, 6%, and 3%, respectively, to account for strong revenue growth in SEMI driven by artificial intelligence and advanced packaging, partially offset by the downturn in SMT business. Macquarie maintains an "Outperform" rating on ASMPT, raising the target price by 5% to HKD 140

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