《大行報告》瑞信上調ASM太平洋(00522.HK)目標價至141元 評級「跑贏大市」
瑞信發表研究報告指,ASM太平洋(00522.HK)首季業績表現勝過預期,收入超預期,毛利率達到39.6%,較該行預測高出3.9個百分點,淨利潤按年上升38%,亦較該行預測高出27%。
首季新增訂單總額按季增長86.4%至10.1億美元,訂單對付運比率創新高達到1.8。集團對次季收入指引訂為6億至6.5億美元,符合該行預期。瑞信估計,今年上半年ASM太平洋的新增訂單總額將仍超出早前預測的14億美元,但增幅料較首季回落。
瑞信相信,隨著產品組合調整,在強勁的先進包裝業務、CIS及Mini LED訂單帶動下,公司次季毛利率可升至41%,預期受惠於半導體行業上升趨勢,ASM太平洋的盈利能力將有提升空間,觸發價值重估。瑞信將今明兩年每股盈利預測上調6%,預期2023年每股盈利將達6.36元,目標價由133元升至141元,重申「跑贏大市」評級。
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