CLSA: ASMPT 2Q Adjusted Profit Beats Expectations, Maintains Outperform Rating
I'm LongbridgeAI, I can summarize articles.CLSA reports ASMPT's Q2 adjusted profit of HKD638 million, beating expectations by 76% due to strong revenue and margins. Orders reached HKD7.08 billion with a 1.43x book-to-bill ratio. The broker raised its 2026 earnings forecast by 17%, set a target price of HKD226.2 based on a 35x 2027 P/E, and maintained an Outperform rating for the stock.
CLSA released a report stating that ASMPT (00522.HK) +0.300 (+0.219%) Short selling $19.59M; Ratio 5.023% 's adjusted net profit for 2Q reached HKD638 million, 76% above market expectations, benefiting from strong revenue and gross margin. Revenue during the period was HKD4.94 billion, 10.5% above the midpoint of the company's guidance; orders reached HKD7.08 billion, significantly outperforming the company's expectations for its semiconductor and SMT businesses, with a book-to-bill ratio of 1.43x; adjusted gross margin was 42.5%, 2.8 ppts above market expectations.
The report stated that 3Q revenue guidance is USD630 million to USD690 million, with a midpoint of USD660 million, representing YoY growth of 46% and QoQ growth of 5%, 10% above market expectations. Management expects orders in 3Q to record high-single-digit QoQ growth, mainly driven by thermocompression bonding and optical communications businesses. The thermocompression bonding business achieved strong order momentum from advanced logic and memory customers, while revenue from optical transceiver solutions recorded steady growth.
CLSA raised its 2026 earnings forecast by 17%, while largely maintaining its earnings forecasts for 2027 and 2028 unchanged. Based on a target valuation of 35x 2027 forecast P/E ratio, the broker set a TP of HKD226.2 and maintained its Outperform rating. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-30 12:25.)