HK Stock Market Move | ASMPT (00522) falls nearly 9% intraday; Morgan Stanley expects the semiconductor industry to slow, with equipment stocks likely to come under pressure first.

ASMPT (00522) fell nearly 9% intraday. As of press time, it was down 6.18% at HK$106.2, with turnover of HK$290 million. Citi published a research report reiterating its "Buy" rating on ASMPT and cutting its target price by 24% from HK$250 to HK$190. The bank believes that the TCB delay driven by HBM4 is a short-term timing issue rather than a change in demand, and that logic demand and strong photonics continue to support a strong growth outlook, maintaining a long-term positive view. Morgan Stanley said that ASMPT benefits from emerging opportunities such as EMIT-T, CoPoS and photonics, and it remains optimistic about the company's long-term growth prospects, but industry headwinds may limit short-term upside. The bank noted that semiconductor industry growth is expected to slow from 132% in 2026 to 35% in 2027. As a leading indicator, equipment stocks will also come under pressure first when the cycle slows.