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《大行報告》美銀證券下調ASM太平洋(00522.HK)目標價至130元 評級「買入」
阿思達克 02-24 15:26
美銀證券發表研究報告指,ASM太平洋(00522.HK)去年第四季業績表現強勁,毛利率及營業利潤率保持在高於歷史平均值的高位,主要增長動力來自SEMI設備銷售額按年提升72%,抵銷了SMT業務銷售較遜色的表現。 該行表示,由於半導體、汽車及顯示器市場具長期增長機會,管理層對前景普遍樂觀,並強調先進封裝(AP)產品組合特別是在內存方面有改善。但由於第四季新增訂單額按季下跌,因此公司今年首季收入指引亦呈現低增長。 美銀預測,今年第二至第四季收入將分別達到6.31億、6.94億及7.15億美元,按年下跌8%,令全年每股盈利亦下降,預測由跌15%進一步下調至跌20%。 基於預測2022至2023年市賬率約3.1倍為估值基礎,該行將目標價由140元下調至130元,預計在產品組合改善的支持下,2023年的增長勢頭將更加突出,重申「買入」評級。
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