《大行報告》匯豐研究下調ASM太平洋(00522.HK)目標價至100元 評級「買入」
匯豐研究發表研究報告指出,ASM太平洋(00522.HK)去年第四季收入按年增長26%至62億元(7.96億美元),分別超過該行及市場預測的8%及7%,並高過指引範圍7.2億至7.7億美元,主要受半導體解決方案分部收入增加所推動。
此外,該行指ASM太平洋由於費用控制,公司去年第四季經營溢利率20%,亦超出該行及市場預測分別17.7%及18.5%。而季內企業級預訂按年增長25%至6.74億美元,但按季跌8%,主要由於訂單出貨比率從第三季的0.9倍下降至第四季的0.8倍。
匯豐研究表示,ASM太平洋今年首季銷售指引範圍為6.4億至6.9億美元,符合預期,反映按年將錄14%至23%的強勁增長,但估計由於半導體解決方案分部訂單放緩及季節性因素,或令收入增長放緩。而公司首次披露其去年先進封裝收入約5.9億美元,佔收入的20%,可視為一個積極的信號,或可推動公司未來增長機會。
該行將ASM太平洋2022至2023財年的每股盈利預測分別下調7%及6%,至6.97元及6.83元,料全年每股盈利預測可能按年跌10%。目標價由110元降至100元,維持「買入」評級。
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