[ET Net News Agency, 29 November 2019] Nomura raised its target price for ASM Pacific
Technology (00522) to HK$125 from HK$100 and maintained its "buy" rating.
The research house said that advanced packaging and SMT could be dual growth drivers for
ASM in 2020. It now noted the mini-LED opportunity for back-end equipment vendors such as
ASM. As Apple has said it will soon adopt mini-LED in its high-end iPad and Macbook,
Nomura expects this to accelerate adoption by non-Apple brands.
Despite of cutting down its 2021 EPS forecast by 7%, Nomura used historical consensus
peak P/E due to the start of a new industry cycle. (KL)