《大行報告》瑞信下調ASM太平洋(00522.HK)目標價至131元 評級「跑贏大市」
瑞信發表報告,將ASM太平洋(00522.HK)2021年至2023年的每股盈利分別上調7%、3%及3%,以反映更高的收入和合資公司收入。目標價由131元上調至141元,維持評級「跑贏大市」。
瑞信指,雖然ASM太平洋近期資本支出達到頂峯,但由於毛利率、業務執行力和產品結構的改善,應該能夠支持公司中期至上升週期的估值。
瑞信指,管理層預計第三季的收入將按季升9%至17%至介乎7.3億至7.8億美元(57億至60億港元)之間,高於該行和市場預期的51.5億至52.6億港元。雖然沒有提供預訂量指引,但管理層預計訂單將保持在一個較高的水平,與上半年紀錄相比會有所緩和。另外,管理層也沒有提供毛利率指引,但預計今年第三季的銷售額與第二季度相似,將支持第三季度的毛利率表現。
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