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花旗:升ASM太平洋(0522.HK)目標價至156港元 重申“買入”評級
格隆匯 01-17 14:07
花旗發表研究報告指,投資者經常低估精密封裝方面的需求,台積電剛宣佈其2020年資本開支預算為150-160億美元,在其資本開支中將有80%是用於7/5/3nm工藝,10%則用作掩膜及後端製程投資,該行相信公司在後端方面的投資對ASM太平洋(0522.HK) 而言屬正面。
該行的美國半導體設備分析師估算,2019/20年晶圓生產設備銷售將分別為450億美元及510億美元,估計今年市場預期及設備股均會走高,當中Intel亦是ASM太平洋的重要客户,Intel將其2019年資本開支提升5億美元至160億美元,花旗估計今年資本開支水平相若,相信Intel在資本開支上的提升亦將利好ASM太平洋在2020-2021年的增長勢頭。
考慮到相關的利好因素,該行將ASM太平洋2020年下半年的利潤預測上調,2020年盈利預測則上調5%,目標價由125港元升至156港元,重申“ 買入 ”評級,認為半導體市場將受惠5G升級週期及中國方面的資本開支提升而增長。

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