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《大行報告》瑞信下調ASM太平洋(00522.HK)目標價至118元 首季受疫情影響
阿思達克 02-19 10:08
瑞信發表研究報告,指ASM太平洋(00522.HK)股價於近日因華為禁令和蘋果削指標而下跌10%,但認為上述兩事件的影響有限,反而新型冠狀病毒疫情影響更大。 該行指,公司去年第四季收入按季跌8%(按年跌20%),符合預期。毛利按季跌0.9個百分點至33.8,遜市場預期。純利按季增長18%(按年增25%),較預期高3%。第四季訂單預期會跌10-15%(按年錄單位數跌幅)。先進封裝的貢獻預期會增加,但速份訂單或會延遲。 該行相信疫情會影響後工序業務,因生產線復工延期、項目因旅遊禁令延期、資本開支延期等。預計首季銷售按年跌19%,但預期因下半年新產品,訂單按季可錄雙位數增長。 該行降ASM太平洋2019-21年每股盈利4-11%,以反收入和毛利下降,目標價由133元降至118元,維持「跑贏大市」。(ic/u)~ 阿思達克財經新聞 網址: www.aastocks.com
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