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富瑞:微降ASM太平洋(0522.HK)目標價至98港元 評級“持有”
格隆匯 11-01 14:29

富瑞發表研究報告指出,ASM太平洋(0522.HK)第三季收入及純利比市場預測分別低9%及53%,主要因為部分收入遞延入帳、毛利率較低但税率上升所致。富瑞預期ASM太平洋第四季表現續弱,但將曙光已見,料明年首季可見強勁的反彈,將公司目標價由100港元輕微下跌至98港元,評級仍為“持有”。

ASM太平洋發表季績後,富瑞已將該公司的全年收入預測下調8.8%,以反映較低的第四季收入展望,毛利率下調1.1個百分點,但調升營運開支對銷售額佔比2.2個百分點,最新全年營運溢利預測較前預測調低35.6%,純利預測亦降46%,而2020/2021年度的收入預測亦分別下調3.9%/5.9%,而同期純利預測亦降低6.2%/3.6%。

管理層預計,受季節性因素影響,ASM太平洋第四季新增訂單按季將錄雙位數跌幅,而受累於SMT解決方案業務,毛利率亦會略為下降,相信第四季SMT業務表現令人失望,反映5G基建需求減弱,但預計明年首季將可復升。

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