Morningstar: Raise fair value forecast for ASMPT (00522) to HK$110, increase recent forecast

The Zhitong Finance App learned that Morningstar released a research report stating that the fair value forecast for ASMPT (00522) was raised by 10% from HK$100 to HK$110. Based on current stock prices, the stock is rated 2 stars. Morningstar indicated that due to the increase in demand driven by AI, ASMPT's revenue and operating profit forecasts were raised by about 20%, which had little impact on long-term performance forecasts. The company is in a cyclical industry, benefiting from AI-driven demand and the shift from semiconductor development to back-end semiconductor packaging. ASMPT is a leading equipment supplier in this field.

Revenue for the second quarter increased 52% year over year, and order volume increased 98% year over year; the company guides revenue for the third quarter of 2026 to increase 46% year over year, and order volume for the third quarter is expected to maintain strong growth. There was a slight downside in the performance. Revenue growth in the memory business slowed, and revenue in South Korea fell 64%, mainly due to the slowdown in customer transition to 4th generation high bandwidth memory (HBM4); however, management said it had deployed 8-tier HBM4 in mass production.