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《大行報告》麥格理升ASM太平洋(00522.HK)評級至「中性」 維持目標價85元
阿思達克 02-27 09:48
麥格理發表研究報告,指ASM太平洋(00522.HK)2019年第四季的業績好過預期,主要是由於後端及SMT的需求優於預期所致。但後端及材料生產受到新型冠狀病毒的負面影響,管理層預期今年首季銷售將按季下跌28%,以及會錄得經營虧損,令市場失望,公司上一次錄得經營虧損為2012年第四季。好消息是公司目前仍未看到訂單取消的情況,受影響的訂單或會推遲至3月至4月。整體而言,管理層仍看到今年首季的入賬會按年錄得增長。 由於公司2019年的基數較低,預期今年的收入將會見8%增長,主要是受到5G基礎建設及手機需求、中國本土化趨勢的強勁需求,以及先進封裝、矽光子、工業物聯網、次毫米發光二極體及微發光二極體等新業務市場機會所帶動。該行看好公司長遠的增長潛力,但短期內建議等待更好的入市機會,因為未來數月的訂單前景仍會因為疫情而變得未明。 基於收入及毛利率前景轉弱,該行將公司2020及2021年的每股盈利分別下調20%及9%,目標價維持85元,投資評級上調至「中性」。
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