《大行报告》汇丰研究上调ASM太平洋(00522.HK)目标价至143元 评级「买入」
汇丰研究发表的报告指,ASM太平洋(00522.HK)首季收入为43.4亿元,按季跌12%、按年则升28%,较该行及市场预期高2%及3%,并超越其指引范围上限,首季毛利率39.6%亦好过该行及市场预期,主要受惠半导体解决方案收入占比提升,而首季新增订单总额为10.1亿美元,订单对付运比率为1.8创新高,主要受惠需求强劲。
次季公司指引销售将按季增7%至16%,符该行及市场预期,相信仍未完全反映公司强劲积压订单,主要因为供应链层面仍受限制,意味半导体供应紧张情况在2021财年仍将持续。
该行指出公司首季半导体解决方案订单对付运比率达2倍,创新高,不过管理层估计次季订单表现将较温和,意味订单对付运比率将有所下降。该行认为需继续留意公司整体订单趋势,以及半导体资本开支势头等。
该行将公司2021及2022财年每测分别升5%,以反映毛利率改善的影响,目标价由135.5元升至143元,评级维持「买入」。
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