花旗发布研究报告称,对ASMPT(00522)明年增长拐点有信心,TCB将迎来转折点,销售额将同比增加一倍。新获得的TCB和潜在的私有化出价或成为其正面股价催化剂,维持“买入”评级,目标价由110港元下调至105港元。
报告中称,ASMPT第三季的收入及毛利率胜于预期,但盈利因汇率亏损而逊于预期。先进封装持续带动增长,虽然需求仍然疲弱,但管理层认为主流的半导体解决方案(SEMI)开始复苏,而表面贴装技术(SMT)亦开始触底反弹。鉴于正常的季节因素,第四季指引显示收入将出现季节性下滑。
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