ASMPT (00522) fell more than 7%, down 7.28% at press time to HK$94.85, with a turnover of HK$195 million.
The Zhitong Finance App learned that ASMPT (00522) fell by more than 7%. As of press release, it fell 7.28% to HK$94.85, with a turnover of HK$195 million.
According to the news, ASMPT announced results. Shareholders' earnings for the first quarter were HK$180 million, down 43.4% year on year and up 1.39 times from month to month. Adjusted profit was HK$180 million according to non-Hong Kong financial reporting standards, down 43.7% year on year and up 1.32 times month on month. Sales revenue for the first quarter was HK$3.139 billion, down 19.88% year on year and 7.81% month on month. Sales revenue is the median of the last published forecast. Sales revenue declined 7.8% month-on-month due to a decline in sales revenue for both the Semiconductor Solutions segment and the Surface Mount Technology Solutions division. Coupled with the continued downward cycle of semiconductors, the semiconductor solutions division declined even more.
J.P. Morgan Chase released a research report saying that it gave ASMPT an “increase in weight” rating. Due to being more cautious about the recovery prospects of the traditional packaging business, the earnings forecast per share for this year and next two years was lowered by 31% and 29%. Currently, it is expected that the traditional packaging business may not return to 2018 levels until 2026. However, Motong stressed that it has strong confidence in the company's AP business growth. It expects the incremental contribution of AI-related businesses to increase. The expected valuation has room to rise, and the target price will be raised from HK$100 to HK$120.