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《大行报告》美银证券上调ASM太平洋(00522.HK)目标价至150元 评级「买入」
阿思达克 03-01 11:15
美银证券发表的研究报告指,重申ASM太平洋(00522.HK)「买入」评级,以反映其增长及派息,管理层亦确认2021年首季订单向上,料逾7亿美元,水平与2018年上半年高峰相若,估计是受惠半导体上行周期带动资本开支增长,加上新晶片供应等亦有帮助,并预期配合智能手机及汽车行业转势,首季後SMT业务增长将更显着。公司宣派末期息每股2元,高於该行预期的1.3元。该行将公司目标价由130元升至150元,意味有39%的潜在上行空间。

该行指出公司去年第四季销售按年增10.5%,表现好过该行及市场预期,其中半导体设备的增长抵销了SMT方面的弱势,而半导体物料增长亦强劲。期内毛利率表现差过预期,不过如撇除一次性库存相关的拨备後则符预期。

美银证券将公司2021-22年每股盈测升13-17%,以反映销售增长及毛利率较高,意味未来三年年复合增长将逾20%,同时亦将2022-23年每年派息预测升20-30%。

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