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《大行》摩通升ASMPT(00522.HK)目標價至67元 維持「中性」評級
阿思達克 07-24 10:42
摩根大通發表研究報告指,ASMPT(00522.HK)次季盈利略遜於預期,但由於持續的先進封裝動能和中國主流半導體有所改善,第三季指引和訂單表現略優於預期。 摩通指出,ASMPT整體先進封裝收入持續上升,達到今年上半年收入的39%,並預計在未來兩年內升至約50%。然而,由於類比半導體的指引平淡以及中國消費性半導體在下半年補貼驅動的強勁表現後出現放緩,因此主流半導體的復甦持續性仍然存疑。 該行考慮到儘管公司TCB和先進封裝的比例上升,但毛利率仍然平穩,且經營開支維持在高位,營運槓桿或需時顯現。該行將公司目標價由58元上調至67元,維持「中性」評級。
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