Company Coverage
ASMPT (522 HK): 2Q26: Broad-Based Beat; Strong Guidance Shows Sustained Momentum From AI-Infra Related Demand
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$136.90
HK$211.00
+54.1%
HK$196.20
Analyst
Highlights
- ASMPT’s 2Q26 results beat expectations across the board – revenue, margins, net profit and bookings were all ahead, with revenue exceeding the guided range and 3Q26 guidance above consensus.
- TCB order flow in advanced logic and memory stays strong and photonics/AI related mainstream demand is ramping up, though supply chain tightness is affecting how fast bookings convert to revenue.
- Maintain BUY, raise target price to HK$211.00 as we roll over to our 2027F assumptions.
Analysis
- 2Q26 results were a strong beat across all key metrics again. Revenue grew 52.1% yoy and 24.4% qoq to US$630m (HK$4.94b), exceeding management’s US$470m-530m guidance. Growth was broad-based: SEMI rose 56.1% yoy and 34.9% qoq to US$369m, driven by high-end die bonders, thermocompression bonders (TCB) and photonics, while surface mount technology (SMT) grew 46.9% yoy and 12.1% qoq to US$261m on AI-server related demand. Group gross margin expanded to 42.4% (+5.6ppt yoy, +2.9ppt qoq) on favourable mix and volume, lifting reported net profit to HK$418m (+301% yoy, +29% qoq).
- Bookings registered a robust 97.6% yoy and 24.8% qoq expansion at US$904m (HK$7.08b). Book-to-bill surged to 1.43x in 2Q26 – the highest since 1H21.
Highlights
- ASMPT’s 2Q26 results beat expectations across the board – revenue, margins, net profit and bookings were all ahead, with revenue exceeding the guided range and 3Q26 guidance above consensus.
- TCB order flow in advanced logic and memory stays strong and photonics/AI related mainstream demand is ramping up, though supply chain tightness is affecting how fast bookings convert to revenue.
- Maintain BUY, raise target price to HK$211.00 as we roll over to our 2027F assumptions.
Analysis
- 2Q26 results were a strong beat across all key metrics again. Revenue grew 52.1% yoy and 24.4% qoq to US$630m (HK$4.94b), exceeding management’s US$470m-530m guidance. Growth was broad-based: SEMI rose 56.1% yoy and 34.9% qoq to US$369m, driven by high-end die bonders, thermocompression bonders (TCB) and photonics, while surface mount technology (SMT) grew 46.9% yoy and 12.1% qoq to US$261m on AI-server related demand. Group gross margin expanded to 42.4% (+5.6ppt yoy, +2.9ppt qoq) on favourable mix and volume, lifting reported net profit to HK$418m (+301% yoy, +29% qoq).
- Bookings registered a robust 97.6% yoy and 24.8% qoq expansion at US$904m (HK$7.08b). Book-to-bill surged to 1.43x in 2Q26 – the highest since 1H21.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$136.90
HK$211.00
+54.1%
HK$196.20
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
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