《大行報告》匯豐研究上調ASM太平洋(00522.HK)目標價至143元 評級「買入」
匯豐研究發表的報告指,ASM太平洋(00522.HK)首季收入為43.4億元,按季跌12%、按年則升28%,較該行及市場預期高2%及3%,並超越其指引範圍上限,首季毛利率39.6%亦好過該行及市場預期,主要受惠半導體解決方案收入佔比提升,而首季新增訂單總額為10.1億美元,訂單對付運比率為1.8創新高,主要受惠需求強勁。
次季公司指引銷售將按季增7%至16%,符該行及市場預期,相信仍未完全反映公司強勁積壓訂單,主要因為供應鏈層面仍受限制,意味半導體供應緊張情況在2021財年仍將持續。
該行指出公司首季半導體解決方案訂單對付運比率達2倍,創新高,不過管理層估計次季訂單表現將較溫和,意味訂單對付運比率將有所下降。該行認為需繼續留意公司整體訂單趨勢,以及半導體資本開支勢頭等。
該行將公司2021及2022財年每測分別升5%,以反映毛利率改善的影響,目標價由135.5元升至143元,評級維持「買入」。
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