[ET Net News Agency, 23 April 2018] Credit Suisse lifted its target price for ASM
Pacific Technology (00522) to HK$158 from HK$153, and reiterated its "outperform" rating.
The research house said ASM's bookings rebounded strongly in all three segments with BTB
at 1.36. 2Q billings guided at US$650-710mn (+17-28% QoQ) and bookings up <10% YoY,
implying 4-11% QoQ decline post strong 1Q.
Credit Suisse said key positive takeaways: (1) CIS/LED bookings continue to grow in 2Q;
(2) auto/industrial driving sustainable growth in SMT; (3) 10nm/7nm node will require TCB
for packaging for HPC/AI; (4) key panel level fan-out customer maintains ramp-up schedule
in 2018; (5) continuous share buyback until March 2019.
Credit Suisse believes strong bookings will support the share price, but near-term
overhang remains on trade war/ZTE (00763) and ASMI potential selloff.
It trimmed its 2018 EPS forecast on lower GM due to FX, but raised 2019/20 EPS estimates
by 3%/12% on higher growth. (KL)
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00522 ASMPT
Nominal 
96.050 -7.450 (-7.198%) Others
23/04/2018 18:01
[I-bank focus]CS lifts ASM Pacific (00522) to HK$158
| Remark: | Real time quote last updated: 19/04/2024 16:09 |
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