ASMPT Ltd (0522) AI Stock Analysis

• Market Cap: HK$43.38B
• Dividend Yield: 0.69%
• Average Volume (3M): 2.58M
• Price to Earnings (P/E): 176.5
• Beta (1Y): 0.87
• Revenue Growth: -0.64%
• EPS Growth: -39.74%
• Country: HK
• Employees: 10,600
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.65
• Shares Outstanding: 417,780,330
• 10 Day Avg. Volume: 2,179,384
• 30 Day Avg. Volume: 2,582,963
• PEG Ratio: -1.73
• Price to Book (P/B): 2.04
• Price to Sales (P/S): 2.35
• P/FCF Ratio: 54.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$105.17
• Price Target Upside: 5.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: HK$116.00 ▲(16.17% Upside)

The score is primarily held back by weaker financial performance (declining revenue, compressed net margins, and sharply lower free cash flow) despite a strong balance sheet. Technicals are supportive of an uptrend but appear overbought, while valuation is a major headwind due to the very high P/E and low dividend yield. Earnings call guidance and backlog provide a positive near-term demand signal, partially offsetting the fundamental and valuation risks.

Positive Factors

Strong balance sheet and low leverage

A low debt-to-equity ratio and a high equity ratio indicate a conservative capital structure, giving ASMPT durable financial flexibility to fund R&D, weather cyclical capex downturns, and support strategic investments without strained liquidity over the next several quarters.

Leadership in Thermo-Compression Bonding (TCB) and AI exposure

First-mover advantage in TCB and HBM4 positions ASMPT to capture structural demand from AI/high-bandwidth memory packaging. A growing TCB TAM supports multi-year product cycle adoption and higher ASPs for advanced packaging tools, strengthening long-term revenue potential.

Book-to-bill >1 and substantial backlog

A book-to-bill above 1 and a near-billion-dollar backlog provide durable revenue visibility and production planning lead time. That backlog supports near-term top-line stability, predictable capacity utilization, and recurring aftermarket/service revenue as tools are installed.

Negative Factors

Declining revenue, compressed net margin, and sharp FCF drop

Material revenue contraction, margin compression and a 70% drop in free cash flow weaken ASMPT's ability to self-fund growth and cushion cyclical shocks. Persisting these trends would constrain R&D, capex and shareholder returns, and reduce financial resilience over upcoming quarters.

Margin pressure from mix shift and rising operating expenses

A lower-margin mix toward SMT and higher operating costs for R&D and infrastructure depress sustainable profitability. If structural mix or elevated opex persist, ASMPT's ability to convert revenue into higher operating profit and free cash flow will remain constrained for multiple quarters.

Cyclicality and customer timing risk in SEMI segment

Dependence on semiconductor customer capex timing and project roadmaps creates structural revenue volatility. Delays, weather disruptions or concentrated customer program timing can defer large orders and undercut visibility, keeping earnings and capacity utilization uneven over the medium term.

ASMPT Ltd Business Overview & Revenue Model

Company Description

ASMPT Limited, an investment holding company, engages in the design, manufacture, and marketing of machines, tools, and materials used in the semiconductor and electronics assembly industries worldwide. It operates through Semiconductor Solutions and Surface Mount Technology Solutions segments. The company provides deposition process equipment, wafer separation equipment, AOI/FOL equipment, die attach equipment, wire bonding equipment, dispensing equipment, encapsulation solutions equipment, and CIS equipment. It also offers singulation, trim, and form systems; LED testing, sorting, and taping systems; sintering equipment; and test and finish handling systems. In addition, the company offers surface mount technologies; advanced packaging solutions; encapsulation solutions; MEM solutions; power solutions; LED/opto solutions; photonics solutions; COB solutions; stacked die solutions; and smart SMT factory solutions, as well as image sensor applications. Further, it provides agency and logistics services. The company was formerly known as ASM Pacific Technology Limited and changed its name to ASMPT Limited in June 2022. ASMPT Limited was founded in 1975 and is based in Tsing Yi, Hong Kong.

How the Company Makes Money

ASM Pacific Technology generates revenue primarily through the sale of its semiconductor and electronics assembly equipment, which includes products such as die bonding machines, wire bonding equipment, and advanced packaging solutions. Key revenue streams include direct sales of equipment, service agreements for maintenance and support, and the sale of consumables and materials used in the manufacturing processes. The company also benefits from long-term partnerships with major semiconductor manufacturers, which provide a steady stream of orders and contribute to its market presence. Additionally, ASMPT invests in research and development to innovate new technologies, ensuring its products meet the evolving needs of the industry, thus enhancing its competitive edge and revenue potential.

ASMPT Ltd Financial Statement Overview

Summary

Mixed fundamentals: revenue declined ~10% year-on-year and net margin fell (4.87% to 2.61%), while free cash flow dropped sharply (-70.10%). Offsetting this, the balance sheet is solid with low leverage (debt-to-equity 0.30) and a strong equity ratio (64.15%), and operating cash flow is strong versus net income (2.96).

Income Statement

The company's gross profit margin has remained stable, indicating consistent profitability from its core operations. However, the net profit margin has significantly declined over the past year from 4.87% to 2.61%, suggesting challenges in converting revenue into net income. Revenue growth has been negative, with a decline of approximately 9.99% from the previous year, indicating potential demand issues or competitive pressures. The absence of EBIT in the latest year raises concerns about operational efficiency.

Balance Sheet

The balance sheet reflects a solid equity base with a debt-to-equity ratio of 0.30, indicating low financial leverage. The equity ratio is strong at 64.15%, suggesting a conservative capital structure and financial stability. Return on equity has decreased to 2.27%, showing reduced effectiveness in generating returns for shareholders. Despite these challenges, the company maintains a healthy asset structure.

Cash Flow

The free cash flow has substantially decreased, with a negative growth rate of -70.10%, impacting the company's ability to fund operations and growth from internal resources. The operating cash flow to net income ratio is favorable at 2.96, indicating strong cash generation relative to net income. However, the reduced free cash flow to net income ratio of 1.64 highlights potential inefficiencies in capital expenditures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	19.74B	13.23B	14.70B	19.36B	21.95B	14.70B
Gross Profit	7.91B	5.29B	5.77B	7.97B	8.91B	5.08B
EBITDA	1.69B	1.39B	1.93B	4.10B	4.79B	1.85B
Net Income	354.69M	345.26M	715.35M	2.62B	3.17B	1.62B
Balance Sheet
Total Assets	25.40B	23.67B	23.96B	24.78B	26.50B	23.16B
Cash, Cash Equivalents and Short-Term Investments	5.00B	5.10B	4.80B	4.41B	4.88B	4.46B
Total Debt	4.85B	4.56B	4.03B	3.76B	4.24B	4.57B
Total Liabilities	8.98B	8.38B	8.16B	8.92B	11.09B	9.97B
Stockholders Equity	16.31B	15.19B	15.69B	15.74B	15.28B	13.17B
Cash Flow
Free Cash Flow	-341.43M	566.24M	1.89B	2.45B	2.19B	2.23B
Operating Cash Flow	-10.40M	1.02B	2.35B	2.94B	2.54B	2.68B
Investing Cash Flow	-555.97M	-607.26M	-607.42M	-598.84M	-518.73M	311.84M
Financing Cash Flow	-344.07M	-234.63M	-1.62B	-2.55B	-1.72B	-969.35M

ASMPT Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 99.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0522, the sentiment is Positive. The current price of 99.85 is above the 20-day moving average (MA) of 98.06, above the 50-day MA of 85.11, and above the 200-day MA of 71.33, indicating a bullish trend. The MACD of 5.83 indicates Positive momentum. The RSI at 57.19 is Neutral, neither overbought nor oversold. The STOCH value of 42.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0522.

ASMPT Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1385	66 Neutral	HK$63.34B	83.08	7.85%	0.20%	12.62%	-4.75%
0085	64 Neutral	HK$2.76B	6.63	17.96%	6.98%	-18.35%	-6.00%
0522	62 Neutral	HK$43.38B	176.46	1.55%	0.69%	-0.64%	-39.74%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
2878	56 Neutral	HK$1.09B	20.77	4.98%	―	-25.16%	-51.97%
1347	54 Neutral	HK$226.01B	3,446.67	0.12%	0.23%	19.15%	-94.32%
8490	41 Neutral	HK$85.37M	-1.13	-41.46%	―	-26.02%	-4977.27%

ASMPT Ltd Corporate Events

ASMPT Launches Strategic Review of SMT Solutions Segment to Sharpen Semiconductor Focus

ASMPT Limited has launched a formal assessment of strategic options for its SMT Solutions Segment as part of a broader transformation effort aimed at maximizing shareholder value and sharpening its focus on its growing Semiconductor Solutions Segment. The company is exploring a wide range of possibilities for SMT, including divestiture, joint venture, spin-off with a potential public listing, or retaining and further developing the business, underscoring SMT’s status as a global market and technology leader with a comprehensive hardware, software and services portfolio, and signaling potential changes to the group’s portfolio mix and capital allocation that could affect employees, customers, suppliers and investors; Morgan Stanley Asia Limited has been appointed as exclusive financial advisor for the review.

The most recent analyst rating on (HK:0522) stock is a Buy with a HK$105.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Launches Strategic Review of SMT Solutions Segment

ASMPT Limited has launched a strategic review of its SMT Solutions Segment as part of a broader transformation aimed at sharpening its focus on the growing Semiconductor Solutions business and maximising shareholder value while safeguarding the interests of employees, customers and suppliers. The review will examine options including a possible divestiture, joint venture, spin-off and separate listing, or retaining and further developing the business, with no fixed timetable or assurance that any transaction will occur; during this period SMT operations will continue as normal, and Morgan Stanley Asia Limited has been appointed exclusive financial adviser, signalling a potentially significant reshaping of ASMPT’s portfolio and future industry positioning.

The most recent analyst rating on (HK:0522) stock is a Buy with a HK$105.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Updates Registered Office Address in Cayman Islands

ASMPT Limited has announced an immediate change to the address of its registered office in the Cayman Islands, which will now be located at JTC (Cayman) Limited, 60 Nexus Way, Camana Bay, Grand Cayman. The move represents an administrative update to the company’s corporate registration arrangements rather than an operational shift, but it is relevant for shareholders, regulators and counterparties who rely on accurate corporate records and legal domiciliation details for compliance and communication purposes.

The most recent analyst rating on (HK:0522) stock is a Hold with a HK$74.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Ltd Issues Shares to Incentivize Employees

ASMPT Ltd has announced the issuance of 1,321,700 new shares under its Employee Share Incentive Scheme, aimed at rewarding and retaining valuable employees. This move represents approximately 0.32% of the company’s issued share capital and is intended to incentivize employee contributions and attract key talent, with the shares to be listed on the Hong Kong Stock Exchange.

The most recent analyst rating on (HK:0522) stock is a Hold with a HK$74.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Ltd Expands Employee Share Incentive Scheme with New Share Awards

ASMPT Ltd announced the award of an additional 18,900 shares to selected employees as part of its Employee Share Incentive Scheme. This move, which complies with the new Chapter 17 of the Listing Rules, reflects the company’s commitment to rewarding its employees and aligning their interests with the company’s growth. The awarded shares, valued at approximately HK$1,461,915 based on the closing price, are part of a broader strategy to enhance employee engagement and retention.

The most recent analyst rating on (HK:0522) stock is a Hold with a HK$74.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Ltd Completes Asset Disposal Transaction

ASMPT Ltd has completed a significant transaction involving the disposal of assets, as announced on 26 November 2025. The transaction involved ASMPT’s subsidiary, ASMPT Hong Kong Holding Limited, receiving cash and shares from Shenzhen Original Advanced Compounds Co., Ltd. This move marks ASMPT’s exit from holding equity in Advanced Assembly Materials International Limited, potentially impacting its strategic positioning in the market.

The most recent analyst rating on (HK:0522) stock is a Hold with a HK$74.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.

ASMPT Finalizes Sale of AAMI Stake

ASMPT Ltd has completed the sale of its 49% equity interest in Advanced Assembly Materials International Limited (AAMI) to Shenzhen Original Advanced Compounds Co., Ltd. The transaction, valued at RMB1,717 million, includes cash and new shares in the acquiring company, enhancing ASMPT’s strategic positioning in the market.

The most recent analyst rating on (HK:0522) stock is a Hold with a HK$74.00 price target. To see the full list of analyst forecasts on ASMPT Ltd stock, see the HK:0522 Stock Forecast page.