《大行報告》匯豐研究下調ASMPT(00522.HK)目標價至60元 評級「持有」
匯豐研究發表報告指,ASMPT(00522.HK)今年首季毛利率符預期,惟由於經營槓桿下降,導致每股盈利未達預期。另外,汽車需求放緩亦導致表面貼裝技術(SMT)的預訂勢頭減弱。該行維持予其「持有」評級,目標價由65元降至60元。
該行表示,ASMPT管理層作出指引,相對於去年第四季,對今年下半年展望將更為審慎,這亦符合該行對下半年半導體週期性反彈幅度的保守預期。雖然之前汽車供不應求是一個亮點,但保守的管理層指引表明,今年汽車對公司SMT解決方案的需求可能會放緩。該行認為,雖然先進封裝仍然強勁,但仍無法抵銷消費及汽車市場的疲軟。另外,管理層表示,來自新外包半導體封裝和測試(OSAT)客戶的熱壓鍵合(TCB)訂單的貢獻仍然很小,而來自中國的訂單尚未顯著恢復。
該行降集團2023財年的每股盈測3%至3.92元,主要是反映假設收入按年下降17%的情況下,更高的營運支出對盈利的影響。
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