"Big Banks" Bank of America Securities raises ASMPT target price to 160 yuan, reiterates "Buy"

AASTOCKS
2026.03.05 03:01

Bank of America Securities published a research report indicating that ASMPT (00522.HK) management provided an optimistic outlook during the Q4 2025 earnings conference call, including growth prospects for Thermal Compression Bonding (TCB) equipment and a target market share of 35% to 40% based on a solid position in the logic and HBM fields. The restructuring plan aimed at focusing more on advanced packaging or thermal compression bonding was also thoroughly discussed, but no specific timeline was announced.

The firm believes that ASMPT is likely to transform into a company that sells more thermal compression bonding equipment, becoming a pure advanced packaging equipment company. Analysis shows that thermal compression bonding accounts for approximately 25% of semiconductor solutions sales in 2025, but is expected to exceed 50% by 2028.

The firm reiterated its "Buy" rating on ASMPT and raised the target price from HKD 150 to HKD 160 after increasing the earnings per share estimates for 2026 to 2027

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