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2024-04-25 10:48:39 JPMorgan wrote in a research report that ASMPT (00522.HK)'s Advanced Packaging (AP) business is gaining momentum as thermo-compression bonding (TCB) applications become more widespread, with continued orders from foundries and OSATs. There is also increased customer interest in advanced High Bandwidth Memory (HBM) products such as 12Hi and 16Hi. On the other hand, the pace of recovery of traditional packaging and SMT solutions business is slower and is expected to be delayed by two to three quarters. JPM chopped its EPS forecasts for ASMPT by 31% and 29% for the next two years due to a more cautious outlook on the recovery of the traditional packaging business, which is now expected to fail to recover to 2018 levels by 2026. However, the broker stressed that it has stronger confidence in the company's AP business growth and expected the incremental contribution of AI-related business to increase, so it predicted that there would be room for the valuation to rise. JPMorgan raised ASMPT's target price from $100 to $120 and rated the company Overweight. ~ AAStocks Financial News Web Site: www.aastocks.com | |