$ASMPT (00522.HK)$ The stock price rose again in early trading, hitting a new all-time high. As of the time of writing, it was up 8.03% to HKD 166.9, with a turnover of nearly HKD 400 million.
In terms of developments, ASMPT recently announced its first-quarter earnings report, showing revenue from continuing operations reaching HKD 3.97 billion, a year-on-year increase of 32.0%. Notably, the total value of new orders reached HKD 5.67 billion, marking a significant quarter-on-quarter growth of 46.0%, surpassing market expectations. The report highlighted that ASMPT's first-quarter profit amounted to approximately HKD 324 million, representing a year-on-year increase of 192.9%.
JPMorgan released a research report stating that ASMPT's first-quarter results and second-quarter guidance both significantly exceeded market expectations, primarily driven by strong semiconductor and surface-mount technology (SMT) revenues, as well as improved semiconductor gross margins. The firm believes there are several catalysts that could drive the share price higher in the coming quarters, including backlogged HBM4 orders, which may be released in the second half of this year once SK Hynix resolves its logic substrate challenges for the Rubin chip. Additionally, the company is in extensive discussions with all DRAM manufacturers regarding certification cooperation for HBM4E TCB.
UBS Group issued a research report noting that ASMPT’s first-quarter earnings per share were HKD 0.78, surpassing the market expectation of HKD 0.6, mainly due to higher-than-expected revenue and margin improvement. New orders during the period grew by 46% quarter-on-quarter, surpassing the initial guidance of a 20% increase provided in early March. Notably, semiconductor solutions (SEMI) orders increased by 23% quarter-on-quarter, while surface-mount technology (SMT) orders recorded a record-high growth of 70%. The bank raised its sales growth forecasts for 2026 and 2027 from 29% and 15%, respectively, to 32% and 21%. The target price was increased from HKD 141 to HKD 200, with a reiterated 'Buy' rating.
Editor/Jayden