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<Research> CICC Raises ASMPT (00522.HK) TP to HKD210; 1Q Results and Guidance Beat
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CICC published a report stating that, driven by strong downstream demand boosting both the SEMI and SMT businesses, ASMPT (00522.HK)s 1Q results and guidance exceeded the brokers expectations. The report noted that ASMPT announced 1Q results, with revenue from continuing operations and on an adjusted basis reaching HKD3.967 billion. Orders amounted to USD727 million, up 71.6% YoY and 46% QoQ, hitting a near four-year high and significantly surpassing the brokers expectations. Adjusted gross margin fell 1.51 ppts YoY due to a higher revenue contribution from SMT, while benefiting from an optimized product mix within the SEMI segment. Adjusted net profit totaled HKD335 million. Supported by strong order growth across multiple business lines, the company guided 2Q revenue at USD540 million to USD600 million, maintaining robust growth momentum. The report added that, on the back of strong multi-segment order growth and margin improvement, it raised its 2026 revenue/profit forecasts by 12%/15% to HKD16.8 billion/HKD1.8 billion, and lifted its 2027 revenue/profit forecasts by 21%/30% to HKD20.3 billion/HKD2.2 billion. It maintained an Outperform rating and, given market recognition of its strong demand outlook and industry position, as well as an upward shift in valuation multiples, raised the TP by 56% to HKD210. (ha/w) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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