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大行評級|花旗:下調ASMPT目標價至110港元 復甦緩慢但相信明年轉折點仍在
格隆匯 07-25 10:37

花旗發表研究報吿指,ASMPT第二季收入達33.42億港元,按年下跌14%,按季比較則增長6%,較市場預期高出3%。由於汽車及工業需求持續疲弱,期內SMT業務毛利率按季下跌4.1個百分點,拖累集團整體毛利率下降1.9個百分點至40%,低於市場普遍預期的41.2%。季度純利錄1.35億港元,同樣低於花旗及市場預測的1.75億及2.08億港元。

該行認為,管理層對第三季展望令人失望,公司目前預測第三季收入將跌至介乎3.7億至4.3億美元,較市場預測中位數低20%,預期下跌主要來自SMT業務的拖累,而半導體解決方案業務則可能持平或上升。由於管理層今次對主要業務熱壓焊接(TCB)未有太多更新,因此花旗認為正面因素有限,將今明兩年每股盈利預測分別下調50%及21%。花旗重申ASMPT是科技行業中人工智能發展的主要受惠者,雖然其復甦步伐可能較預期慢,但憧憬隨着SMT業務恢復平穩,相信明年轉折點仍在,目標價由140港元降至110港元,對應明年預測市盈率約23倍不變,評級“買入”。

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