[ET Net News Agency, 28 June 2018] Citi Research cut its target price for ASM Pacific
Technology (ASMPT) (00522) to HK$128 from HK$172, and maintained its "buy" rating.
The research house revises up 2018/19/20E earnings by ~2% each year to reflect
incremental order momentum driven by triple camera Active Alignment (AA) equipment, laser
grooving and conventional packaging business from China semi clients. However, it shows
concerns on the macro environment, such as: trade war tension (not favourable for
exporters) and 2) fears of tight liquidity (headwind to SME capex cycle).
Citi lifts 2Q18E revenue by 5% with the resulting earnings injections by 7%, driven by
momentum from triple camera demand and China IC. It noted investors are concerned that a
trade war may have negative policy impact on ASMPT. Citi believes those concerns will
become an overhang on valuation. Thus, it revises down P/E multiple to 16x based on
2H18-1H19E EPS. (HL)
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00522 ASMPT
Nominal 
95.650 +0.300 (+0.315%) Others
28/06/2018 14:26
[I-bank focus]Citi cuts ASM Pacific (00522) to HK$128
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