《大行報告》星展下調ASMPT(00522.HK)目標價至71元 評級「持有」
星展發表報告指,ASMPT(00522.HK)上季純利按年大跌98%遜預期,受累利潤率收窄及經營開支上升;其末季收入指引亦遜預期。ASMPT的全球代工廠客戶等對明年前景看法變得更加悲觀。而終端市場對消費電子產品和服務器的需求正在減弱,微軟和Meta等科技巨頭正在減少對雲伺服器的訂單。
星展預計,由於全球代工廠削減資本支出,芯片製造設備的需求疲軟至少會持續到第四季。而明年訂單量將溫和回升,屆時消費電子終端市場的消費情緒將開始復甦。該行對ASMPT明後兩年盈測分別削17%及11%,以反映付運增長預測下調及生產規模收窄帶來的利潤率壓力。目標價由88元下調至71元,評級「持有」。
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