《大行報告》瑞信下調ASM太平洋(00522.HK)目標價至96元 料首季業績遜預期
瑞信發表的研究報告指,ASM太平洋(00522.HK)將於4月22日公布業績,該行估計首季收入將按季跌28%至32億元,毛利率將跌至30.8%,而受經營開支較高影響經營利潤率則呈負數,並錄1.08億元淨虧,遠遜市場預期。
該行相信雖然內地延遲復工,但首季公司訂單將在正軌上,並可滿足按年增長指引,但第二季的情況或會受到各國旅遊禁令及歐洲新型冠狀病毒疫情所影響,內地復產帶動毛利復甦的正面因素將被歐洲產能利用率降低所抵銷,而受疫情影響次季訂單或不會見頂。
瑞信將公司2020及21年收入預測分別降8%及6%,以反映LED市場較弱,以及傳統後工序設備訂單需求弱拖累,而SMT業務方面估計亦有所下降,但料其CIS業務可受惠5G升級。該行將公司2020及21年盈利預測分別降20%及8%,目標價由115元降至96元,維持「跑贏大市」評級。
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