ASM Pacific Technology Limited (HK:0522)
:0522
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ASMPT Ltd
(0522)
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Rating:62Neutral
Price Target:
HK$116.00
▲(15.31% Upside)
Action:ReiteratedDate:01/15/26
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
ASMPT Ltd (0522) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$42.01B
Dividend Yield0.69%
Average Volume (3M)2.58M
Price to Earnings (P/E)35.8
Beta (1Y)0.91
Revenue Growth-0.64%
EPS Growth-39.74%
CountryHK
Employees10,600
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.66
Shares Outstanding417,836,980
10 Day Avg. Volume2,179,384
30 Day Avg. Volume2,582,963
Financial Highlights & Ratios
PEG Ratio-1.73
Price to Book (P/B)2.04
Price to Sales (P/S)2.35
P/FCF Ratio54.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$135.34Price Target Upside34.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)3.35
Revenue Forecast (FY)HK$16.88B
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 ...
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 revenu...
ASMPT Ltd Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 21, 2026
Earnings Call Sentiment Positive
The call presented a generally constructive operational and commercial picture: strong bookings (+21.7% Y/Y), backlog/book-to-bill >1, meaningful TCB and advanced-packaging traction (TCB revenue +146% Y/Y, AP +30.2% Y/Y), and shareholder returns. However, the positives are tempered by margin compression (FY gross margin down 172 bps), rising operating expenses, an isolated order cancellation with inventory provisions, ongoing softness in automotive/industrial end markets outside China, and a Q1 2026 revenue midpoint that implies a large year-on-year decline (≈29.5%). On balance the company appears to be executing well on technology and demand capture, but near-term profitability and revenue conversion face headwinds.Positive Updates
Strong Bookings and Full-Year Revenue Growth
Group bookings reached USD 1.86 billion, up 21.7% year-on-year; full year revenue was USD 1.76 billion, up 10.0% year-on-year, driven largely by TCB and AI-related demand.
Negative Updates
Gross Margin Compression
Full-year adjusted gross margin was 38.3%, down 172 basis points year-on-year. Q4 adjusted gross margin was 35.8%, down 175 basis points Q-on-Q and 101 basis points Y-on-Y, with declines in both SEMI and SMT margins.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Bookings and Full-Year Revenue Growth
Group bookings reached USD 1.86 billion, up 21.7% year-on-year; full year revenue was USD 1.76 billion, up 10.0% year-on-year, driven largely by TCB and AI-related demand.
Read all positive updates
Company Guidance
Management guided Q1 2026 revenue of USD 470–530 million (midpoint implying a ~1.8% Q‑on‑Q decline and ~29.5% YoY decline) and said the midpoint already exceeds market consensus; they expect group gross margin to improve in Q1 led by SEMI returning to mid‑40s gross margin while SMT margins remain largely unchanged. Bookings are expected to accelerate in Q1 (management cited roughly +20% Q‑on‑Q and ~+40% YoY bookings growth, potentially the highest quarterly bookings in four years), supporting a backlog of about >USD 800 million and reflecting a FY25 book‑to‑bill of 1.05 after FY25 bookings of USD 1.86 billion. They also reiterated 2026 OpEx will rise by ~HKD 200 million (on top of FY25 OpEx of HKD 4.56 billion and prior R&D/IT investment of HKD 237 million) and cautioned that longer material lead times could delay conversion of bookings into near‑term revenue.ASMPT Ltd Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| 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
Neutral
100.60
Price Trends
105.64
Negative
92.92
Positive
81.97
Positive
Market Momentum
-0.92
Positive
43.71
Neutral
17.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0522, the sentiment is Neutral. The current price of 100.6 is below the 20-day moving average (MA) of 106.35, below the 50-day MA of 105.64, and above the 200-day MA of 81.97, indicating a neutral trend. The MACD of -0.92 indicates Positive momentum. The RSI at 43.71 is Neutral, neither overbought nor oversold. The STOCH value of 17.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0522.
ASMPT Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$48.39B | -78.58 | 3.71% | 0.20% | 12.62% | -4.75% | |
64 Neutral | HK$2.29B | 10.18 | 14.23% | 6.98% | -18.35% | -6.00% | |
62 Neutral | HK$42.01B | 35.76 | 1.55% | 0.69% | -0.64% | -39.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | HK$911.68M | 33.80 | 4.98% | ― | -25.16% | -51.97% | |
41 Neutral | HK$55.73M | -1.39 | -47.29% | ― | -26.02% | -4977.27% |
* Technology Sector Average
HK:0522
ASMPT Ltd
100.60
56.72
129.27%
HK:1385
Shanghai Fudan Microelectronics Group Co
35.20
12.62
55.90%
HK:2878
Solomon Systech (International) Ltd.
0.37
0.01
2.82%
HK:8490
Niche-Tech Semiconductor Materials Limited
0.08
-0.04
-35.25%
HK:0085
China Electronics Huada Technology Company Limited
1.13
<0.01
0.89%
HK:1304
Fortior Technology (Shenzhen) Co., Ltd. Class H
93.35
-40.65
-30.34%
ASMPT Ltd Corporate Events
ASMPT Launches Strategic Review of SMT Solutions Segment to Sharpen Semiconductor Focus
Jan 20, 2026
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 Segm...
ASMPT Launches Strategic Review of SMT Solutions Segment
Jan 20, 2026
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 in...
ASMPT Updates Registered Office Address in Cayman Islands
Dec 23, 2025
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 ...
ASMPT Ltd Issues Shares to Incentivize Employees
Dec 3, 2025
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 i...
ASMPT Ltd Expands Employee Share Incentive Scheme with New Share Awards
Dec 3, 2025
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 r...
ASMPT Ltd Completes Asset Disposal Transaction
Nov 26, 2025
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 Origi...
ASMPT Finalizes Sale of AAMI Stake
Nov 26, 2025
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.