[ET Net News Agency, 2 November 2017] Credit Suisse lowered its target price for ASM
Pacific Technology (00522) to HK$146 from HK$155, and maintained its "buy" rating.
The research house said ASM's 3Q results beat. But bookings declined 13% QoQ, while BTB
was at 0.88. Management guided 4Q sales up low- to high-teen % YoY, implying down 18-24%
QoQ, but 2H revenue was in line on 3Q's high base. 4Q bookings guided single-digit % YoY,
implying a 10-17% QoQ decline, missing Credit Suisse's expectation on seasonality.
It believes management has turned positive on 2018 outlook, driven by (1) dual-cam/3D
sensing, (2) automotive/industrial, (3) fan-out and (4) memory. It does not see a major
correction in the SMT business in 2018 with other applications covering the shortfall.
Credit Suisse lowered its 2017-19 EPS by 4%. (KL)
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00522 ASMPT
Nominal 
101.900 +6.450 (+6.757%) Others
02/11/2017 18:01
[I-bank focus]CS lowers ASM Pacific (00522) to HK$146
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