《大行報告》花旗上調ASM太平洋(00522.HK)目標價至166元 評級「買入」
花旗發表的研究報告指,與ASM太平洋(00522.HK)舉行投資者會議,討論公司在半導體解決方案上的增長引擎等,將公司2021/22年盈利預測升18%及2%,目標價由164元升至166元,重申評級「買入」。
該行相信,公司的先進封裝業務將繼續為半導體解決方案帶來較高的收入貢獻,對設備價格調整、台積電擴張至日本及欣興電子提升資本開支指引等看法正面。在汽車市場方面公司有全面的解決方案,去年相關分部貢獻收入兩至三成,相信未來數年將繼續帶來貢獻。
另外公司估計2021年將是Mini LED轉折的一年,公司現時為顯示及背燈模組客戶提供Mini LED封裝解決方案,客戶來自日本、韓國、中國及台灣,而在競爭層面公司相信ASM太平洋具先行者優勢,已供應近三至四年,同時自去年第三季起亦錄較高銷量。
該行認為,對半導體解決方案毛利率影響較大的因素分別是規模及產品組合,而對SMT業務影響較大的則為規模及地理因素,相信公司毛利率將繼續擴張,主要受惠半導體解決方案下先進封裝等的產品帶動,另外SMT業務亦可受惠規模效應。(el/k) ~
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