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《大行報告》匯豐研究上調ASMPT(00522.HK)目標價上調至65元 評級「持有」
阿思達克 03-02 10:44
匯豐研究發表研究報告指出,ASMPT(00522.HK)去年第四季收入43億元,按年跌30%,按季跌5%,超出該行及市場預期11%及14%。 該行指出,ASMPT去年第四季毛利率由第三季的40.9%升至41.4%,同樣高過該行預期的39.9%,但與市場預期的41.3%相若,主要由於汽車和工業佔表面貼裝技術(SMT)銷售收入近半,導致SMT毛利率按季有所改善。雖然公司上季毛利率好過預期,但經營利潤率則由第三季的15.8%降至13.7%,主要由於總營運費用持平及收入較低。 此外,該行將ASMPT今年每股盈利預測下調22%至4.05元,主要反映營運開支較高對盈利的影響。基於將其市盈率目標由10倍增至16倍,目標價由50元上調至65元,維持「持有」評級。
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