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《大行報告》花旗下調ASM太平洋(00522.HK)目標價至105元 評級「買入」
阿思達克 04-23 10:06
花旗發表的研究報告指,ASM太平洋(00522.HK)首季收入按年跌8%至33.8億元,較該行預測高12%,毛利率33.5%,按年收窄0.4個百分點,表現亦符該行預期,期內經營開支大致符預期,經營溢利則達1.45億元,按年跌39%,主因負面經營槓桿;淨利按年跌79%至2,400萬元,好過該行預期。

該行指出,ASM太平洋現時訂單達6.69億美元,按年增45%,是自2018年首季以來第二強的季度,主要受惠後工序業務方面的表現,管理層估計次季收入將達5億至5.8億美元,按季增15%至34%,主要受惠精密封裝方面的強勢帶動,但受疫情影響訂單有機會按季跌雙位數,而次季的毛利率則有望改善2個百分點。惟部分客戶將出貨延至第三季,故第三季之後的可見性仍有限,公司估計針對智能手機方面的CIS需求將較弱,主要因為經濟前景轉弱,但精密封裝相關需求仍可帶來支撐。

公司指,自3月復工以來工人到崗比率達到100%,故對生產影響輕微,而其馬來西亞生產線在3月18日至4月28日將減少一半人手,公司料影響可控,而新加坡生產線於4至6月隔離措施進行期間,將有限度營運,管理層指由於生產基地多元化,故影響可控。

花旗將ASM太平洋2020至2021年每股盈利預測分別降24%及14%,以反映需求方面的不確定性,目標價由124元降至105元,維持「買入」評級。

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