《大行报告》花旗上调ASM太平洋(00522.HK)目标价至166元 评级「买入」
花旗发表的研究报告指,与ASM太平洋(00522.HK)举行投资者会议,讨论公司在半导体解决方案上的增长引擎等,将公司2021/22年盈利预测升18%及2%,目标价由164元升至166元,重申评级「买入」。
该行相信,公司的先进封装业务将继续为半导体解决方案带来较高的收入贡献,对设备价格调整、台积电扩张至日本及欣兴电子提升资本开支指引等看法正面。在汽车市场方面公司有全面的解决方案,去年相关分部贡献收入两至三成,相信未来数年将继续带来贡献。
另外公司估计2021年将是Mini LED转折的一年,公司现时为显示及背灯模组客户提供Mini LED封装解决方案,客户来自日本、韩国、中国及台湾,而在竞争层面公司相信ASM太平洋具先行者优势,已供应近三至四年,同时自去年第三季起亦录较高销量。
该行认为,对半导体解决方案毛利率影响较大的因素分别是规模及产品组合,而对SMT业务影响较大的则为规模及地理因素,相信公司毛利率将继续扩张,主要受惠半导体解决方案下先进封装等的产品带动,另外SMT业务亦可受惠规模效应。(el/k) ~
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