《大行報告》瑞銀下調ASM太平洋(00522.HK)目標價至125元 評級「買入」
瑞銀髮表研究報告指,ASM太平洋(00522.HK)去年第四季收入勝指引,毛利率按季提升至41.3%。在廣泛的解決方案組合支持下,去年全年高級封裝(AP)業務收入增長35%,佔集團全年總收入21%。
集團今年計劃向邏輯IC代工廠、IDM及內存製造商等一線客戶交付混合鍵合機產品。瑞銀指,雖然ASM太平洋產品準備方面略落後於BESI等行業領導者,但預期去年與EV GROUP達成合作,將有助於令產品更多元化,迎合客戶需求。
ASM太平洋透露最近接獲未來兩年近1億美元的新一代晶片與晶圓熱壓焊接(TCB)平臺訂單,該行預期部分市場的TCB需求將持續。考慮到TCB、汽車半導體及SEMI中的mini LED等需求向好,集團今年首季收入指引爲6.4億至6.9億美元。
瑞銀預期,今年首季前景較疲弱,將2022至2023年每股盈利預測相應下調6%,但長遠對AP及汽車市場持積極看法,目標價由135元降至125元,對應2022年預測市盈率17.7倍。該行指,集團現價水平相當於2022年預測市盈率約12倍,接近歷史低位,預期進一步下行空間可能有限,予評級「買入」。
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