美銀美林:升ASM太平洋(0522.HK)目標價至60港元 評級“跑輸大市”
美銀美林發表報告指,基於ASM太平洋(0522.HK)
成本控制有助改善利潤率,以及估值重評,將其目標價由55港元上調60港元,仍遠較市場普遍給予的平均目標價112港元為低。但考慮到第三季業績表現疲弱,銷售額較該行預期低一成,致經營溢利及每股盈利也遠遜該行及市場預期,將2019至2021年各年度每股盈測分別下調至1.48、3.32及3.28港元,預期第四季收入會按季下跌,重申“
跑輸大市
”評級。
該行指,ASM太平洋年初至今股價表現向好,增長了約45%,期內研發出更先進的芯片封裝解決方案,例如扇出(Fan-out)面板級面板級封裝器件,但相信未足以為收入帶來增長或令盈利迅即見起色。
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