Analyst of Morgan Stanley maintained a Buy rating on ASMPT Ltd, retaining the price target of HK$100.00.
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Morgan Stanley has given its Buy rating due to a combination of factors that suggest a positive outlook for ASMPT Ltd. The company anticipates a growth year in 2026, driven by advancements in thermal compression bonding (TCB) technology, which is expected to sustain a strong growth trajectory. Additionally, there is an optimistic view on the mainstream semiconductor segment, which is projected to experience mild growth, while surface-mount technology (SMT) is on a path to recovery.
Another factor contributing to the Buy rating is ASMPT’s strategic engagements and endorsements. The company has received orders from multiple customers for its HBM4 12H products and is awaiting further demand indications. Furthermore, the endorsement of ASMPT’s plasma solution by a leading foundry customer and ongoing engagements in hybrid bonding with another major foundry customer highlight the company’s innovative capabilities and potential for future growth.