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《大行報告》美銀證券上調ASM太平洋(00522.HK)目標價至150元 評級「買入」
阿思達克 03-01 11:15
美銀證券發表的研究報告指,重申ASM太平洋(00522.HK)「買入」評級,以反映其增長及派息,管理層亦確認2021年首季訂單向上,料逾7億美元,水平與2018年上半年高峰相若,估計是受惠半導體上行週期帶動資本開支增長,加上新晶片供應等亦有幫助,並預期配合智能手機及汽車行業轉勢,首季後SMT業務增長將更顯著。公司宣派末期息每股2元,高於該行預期的1.3元。該行將公司目標價由130元升至150元,意味有39%的潛在上行空間。

該行指出公司去年第四季銷售按年增10.5%,表現好過該行及市場預期,其中半導體設備的增長抵銷了SMT方面的弱勢,而半導體物料增長亦強勁。期內毛利率表現差過預期,不過如撇除一次性庫存相關的撥備後則符預期。

美銀證券將公司2021-22年每股盈測升13-17%,以反映銷售增長及毛利率較高,意味未來三年年複合增長將逾20%,同時亦將2022-23年每年派息預測升20-30%。

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