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《大行》匯豐研究降ASMPT(00522.HK)目標價至67元 SMT主流需求疲弱
阿思達克 06-11 13:09
匯豐研究發表報告指,因ASMPT(00522.HK)首季業績未達該行預期,SMT(表面貼裝技術)主流需求疲弱持續構成壓力,而先進封裝市場業務走勢在預期之內,對ASMPT維持「持有」評級,降今明兩年每股盈測分別52%及10%,將其目標價由74元下調至67元。 匯豐研究指,ASMPT首季收入低於該行和市場預期,毛利率(GM)和每股盈利因產品組合、高於預期的銷售及行政費用(SGA)以及研發支出而未達預期。該行指,ASMPT次季銷售指引為中位數4.4億美元(按季增長10%),低於該行及市場預期。 該行續指,公司次季銷售指引範圍為4.1億至4.7億美元,以中位數計意味著按季下降19%,但按年增長12%。首季整體訂單出貨比(book-to-bill)從0.96倍上升至1.07倍,但先進封裝(AP)無法抵消主流訂單的疲弱,符合該行的論點,次季前瞻訂單按季持平,先進封裝訂單改善被SMT的疲弱抵消。
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