In "The Big Banks," China International Capital Corporation: ASMPT's quarterly results exceed expectations, target price raised to 133 yuan

AASTOCKS
2026.03.05 02:04

Bank of China International published a research report indicating that ASMPT (00522.HK) reported solid fourth-quarter results for 2025, exceeding expectations, driven by robust demand for AIDC (Artificial Intelligence Data Centers) and one-time gains from its subsidiary AAMI, although an unfavorable product mix partially limited margin expansion. Management's strong guidance for the first quarter of 2026, including orders, revenue, and SEMI gross margins, points to a sustained demand chain for AI-HBM and CoWoS-TCB (high-end AI chip packaging technology using thermal compression bonding) until 2028.

As a result, the firm has raised its net profit forecast for ASMPT to reflect ongoing AI demand and applied a 27 times price-to-earnings multiple for the projected earnings per share in 2027, based on market sentiment regarding global AI capital expenditures, particularly for HBM.

Bank of China International maintains a "Buy" rating on ASMPT, raising the target price from HKD 98 to HKD 133

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