野村:維持ASM太平洋(0522.HK)“買入”評級 目標價125港元
野村發表研究報告指,ASM太平洋(0522.HK)管理層在參與野村2019投資論壇時表示對2020財年的所有業務維持正面態度,但由於業務發展只可預見一個季度,公司並未就2020財年提供前景預測。該行維持其“買入”投資評級,及目標價125港元。
野村表示,5G設備仍然是未來的增長動力,但相信2020年的5G智能手機銷售貢獻將能更強勁,相信表面貼裝技術(SMT)需求可受惠,又認為備用設備如接觸式圖像傳感器(CIS)設備需要亦向好。
野村又指,從訂單趨勢角度,2020年的農曆新年較今年早,ASM太平洋給予客户在農曆新年後下訂單的日子較今年首季長。而公司的研發開支約為總銷售10%,公司會繼續投資先進的設備,如熱壓接(TCB)。

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