[ET Net News Agency, 1 November 2019] Macquarie Research cut its target price for ASM
Pacific Technology (00522) to HK$100 from HK$115 and downgraded its rating to "neutral"
from "outperform" on the weaker-than-expected revenue and profitability outlook.
The research house said ASM reported weaker 3Q results and 4Q outlook. Management
guided 4Q revenue to be US$460-510mn. 4Q GM is expected to decrease slightly QoQ on lower
loading.
ASM expects 5G handset to come with high-resolution cameras, which should drive CIS
demand going forward. Another growth driver over the long term is the opportunity from the
localization policy in China, as management believes ASM could benefit. ASM also indicated
that China seemed to lead the recovery in the industry, as the majority of 3Q19 bookings
came from China.
Macquarie cut its 2019/20/21 EPS forecasts by 60%/31%/18% on the weaker revenue & margin
outlook. (KL)
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00522 ASMPT
Nominal 
102.300 0.000 (0.000%) Research Report
01/11/2019 17:38
{I-bank focus}Macquarie downgrades ASM Pacific to HK$100
| Remark: | Real time quote last updated: 25/04/2024 08:11 |
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