CCB International: Raises target price for ASM Pacific Technology Ltd (00522) to HK$190. Record-breaking quarterly orders and positive outlook.

Bank of China International released a research report stating that driven by SEMI and SMT, ASMPT (00522) first quarter orders in 2026 reached a historical high. Profit performance exceeded expectations. The "outperform the market" rating is maintained. The target price-to-earnings ratio is raised from the original 3 times to an estimated 4.6 times for the fiscal year 2026, and the target price is raised from HK$125 to HK$190. The report points out that due to improved sales performance and momentum in profit margin recovery, adjusted net profit forecasts for fiscal years 2026 and 2027 have been raised by 39% and 10%, respectively. This is due to the increasing importance of AP (Advanced Packaging) in IC production, ASMPT's leading position in AP equipment, especially in the TCB field, and the trend of the company's business focus shifting towards the backend of AP. The bank stated that as one of the leading semiconductor packaging equipment suppliers with strong AP capabilities, ASMPT is a stable long-term investment target, especially as AP plays an increasingly critical role in the miniaturization process of ICs.