[ET Net News Agency, 2 November 2018] Credit Suisse lowered its target price for ASM
Pacific Technology (00522) to HK$72 from HK$76, and maintained its "neutral" rating.
The research house said ASM reported disappointing 3Q results. It guided 4Q billing of
US$550-620mn, down 6-17% QoQ, in-line with consensus but better than Credit Suisse's, and
double digits QoQ decline in group booking.
ASM sees less than 0.5% of sales impacted directly from trade conflicts, but indirect
impact to its customers is hard to gauge.
Credit Suisse lowered its 2018/19/20 EPS forecasts by 9.8%/5.3%/0.1%. It sees limited
catalysts in he near term while trade conflicts remain as the overhang. (KL)