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00522 ASMPT
RTNominal unchange103.500 0.000 (0.000%)
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26/09/2018 16:48

[I-bank focus]Citi lowers ASM Pacific (00522) to HK$100

[ET Net News Agency, 26 September 2018] Citi Research lowered its target price for ASM
Pacific Technology (00522) to HK$100 from HK$130, and maintained its "buy" rating.
The research house said ASM's booking likely to decline more than previously forecast in
3Q/4Q driven by trade war concern, and memory segment weakness. Citi revised down 2H
2018-1H 2019 advanced packaging equipment and memory-related revenue yoy growth to -30%
from +30%.
In addition, it noted that 4Q 2018 billing and earnings to undershoot consensus by 22%
and 30%, respectively. Citi expects the memory supply chain to slow down capex to mitigate
oversupply. This would be negative for ASM earnings. (KL)

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