大行評級|建銀國際:下調ASMPT目標價至100港元 指其爲長期投資選擇
建銀國際表示,ASMPT 2024年第四季業績因毛利率降低及經營開支增加而未達預期。先進封裝業務表現強勁,主流工具將復甦。爲反映更保守的表面貼裝技術(SMT)業務銷售預測和較低的利潤率展望,該行將ASMPT的2025/2026財年盈利預測分別下調25%/5%,預計銷售與市場推廣力度加大以及尖端封裝工具研發導致的經營開支上升,可能對公司利潤率和盈利能力構成壓力。該行對ASMPT的目標價由108港元下調至100港元,認爲公司爲長期投資選擇,維持“跑贏大市”評級。該股股價近幾個月持續下跌,目前處於低位,對應2025/2026年預測市淨率爲1.7倍/1.6倍,估值並不高。當前爲良好入市點。
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