大行評級|大摩:下調ASMPT目標價至63港元 下調今明兩年每股盈測
摩根士丹利報吿指,ASMPT去年第四季業績未達預期,公司預計今年第一季收入以中位數計將按季跌9%。該行認為,半導體及表面貼裝技術解決方案的毛利率,分別從48.6%及32.3%降至42.6%及29.7%,為業績最令人意外的地方。ASMPT表示,去年第四季收到的一筆來自領先高頻寬存儲器客户的熱壓縫合訂單未列入半導體解決方案賬目,因此今年該部毛利率或因有關工具佔比增加而改善,但表面貼裝技術方案的毛利率或繼續受壓,因汽車和工業市場持續疲軟,且競爭加劇價格壓力可能持續。
該行基於去年第四季業績及今年首季指引,下調對ASMPT今明兩年每股盈利預測75%及34%,對該股目標價由82港元下調至63港元,維持“與大市同步”評級。
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