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00522 ASMPT
RTNominal down93.200 -1.500 (-1.584%)
Research Report

26/07/2013 14:52

[I-bank focus]Credit Suisse ups ASM Pacific (522) to HK$75.5

[ET Net News Agency, 26 July 2013] Credit Suisse raised its target price for ASM
Pacific (00522) to HK$75.5 from HK$72.5, and maintained its "neutral" call.
Amid the industry cyclical recovery, ASM saw net profit jump 28x QoQ to HK$230m in 2Q
2013, in line with market expectations, the research house said.
It expects ASM's order book for backend equipment to continue to grow in 3Q 2013.
However, the house believes the current backend equipment upcycle, which began in late 4Q
2012, should be peaking in late 3Q 2013/early 4Q 2013 on normal cyclicality.
Credit Suisse said ASM deserves a long-term valuation derating, although short-term
strength in the coming quarter on the potential profit increase in an industry upcycle is
likely. (KL)

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