ASM Pacific Technology Limited (HK:0522)
:0522
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ASMPT Ltd
(0522)
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Rating:65Neutral
Price Target:
HK$197.00
▲(42.65% Upside)
Action:Reiterated
Date:05/27/26
The score is driven by strong technical momentum and a positive near-term earnings outlook (above-consensus guidance and record bookings). Offsetting these are weaker financial quality signals—especially the latest year’s negative free cash flow and a weaker revenue/margin profile—and a relatively expensive valuation with a low dividend yield.
Positive Factors
Record bookings / commercial momentum
Sustained, record-level bookings provide a durable revenue backlog that supports near-term production and improves visibility into order conversion. High bookings—driven by SEMI and SMT—signal structural customer investment and factory expansion tied to AI and optics, cushioning cyclicality.
Negative Factors
Negative free cash flow (2025)
A material deterioration to negative FCF reduces internal funding for capex, R&D and aftermarket investments, increasing reliance on external financing or working-capital management. Persistently weaker cash conversion can constrain capital allocation and limit strategic optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Record bookings / commercial momentum
Sustained, record-level bookings provide a durable revenue backlog that supports near-term production and improves visibility into order conversion. High bookings—driven by SEMI and SMT—signal structural customer investment and factory expansion tied to AI and optics, cushioning cyclicality.
Read all positive factors
ASMPT Ltd (0522) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$81.61B
Dividend Yield0.69%
Average Volume (3M)2.58M
Price to Earnings (P/E)61.1
Beta (1Y)0.94
Revenue Growth3.83%
EPS Growth160.15%
CountryHK
Employees10,600
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.07
Shares Outstanding419,408,230
10 Day Avg. Volume2,179,384
30 Day Avg. Volume2,582,963
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.58
Price to Sales (P/S)1.96
P/FCF Ratio-106.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$193.82Price Target Upside40.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)3.88
Revenue Forecast (FY)HK$17.86B
ASMPT Ltd Business Overview & Revenue Model
Company Description
Operating on a global scale, ASMPT Limited functions as an investment holding company dedicated to the engineering, manufacturing, and commercialization of critical machinery, tools, and materials for the semiconductor and electronics assembly ind...
How the Company Makes Money
ASMPT primarily makes money by selling capital equipment used in semiconductor assembly and packaging and in electronics assembly (SMT). Its revenue model is largely driven by (1) equipment sales: customers (e.g., semiconductor OSATs/IDMs and elec...
ASMPT Ltd Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and operational leverage driven by AI-related demand across SEMI, SMT and photonics: record bookings, revenue beat, sizable YoY growth, margin improvement sequentially, and above-consensus Q2 guidance. Offsetting this optimism are mix-driven YoY margin pressure, SMT Q-on-Q seasonality and profit volatility, supplier lead-time impacts on revenue conversion, limited panel-size readiness for some EMIB-T applications, and reduced visibility into the second half of 2026. On balance the positive results, strong bookings, and confident near-term guidance materially outweigh the identifiable challenges.Positive Updates
Record Bookings
Group bookings reached USD 727.0 million, up 46.0% Q-on-Q and 71.6% year-on-year — the highest in the last four years.
Negative Updates
Year-on-Year Margin Pressure from Mix
Group adjusted gross margin declined 151 basis points YoY, attributed to a higher revenue contribution from lower-margin SMT products.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Bookings
Group bookings reached USD 727.0 million, up 46.0% Q-on-Q and 71.6% year-on-year — the highest in the last four years.
Read all positive updates
Company Guidance
ASMPT guided Q2 2026 revenue of USD 540–600 million (midpoint USD 570m), which implies +12.2% Q‑on‑Q and +37.0% YoY at the midpoint and “exceeds current market consensus,” with the uplift expected to be driven mainly by the Semiconductor Solutions (SEMI) segment. Management said group bookings should remain elevated in Q2 (after Q1 bookings of USD 727.0m, +46.0% Q‑on‑Q / +71.6% YoY), though SMT bookings are likely to be down Q‑on‑Q from Q1’s record USD 417.4m (+70.0% Q‑on‑Q / +101.1% YoY) while SEMI bookings are expected to increase Q‑on‑Q (Q1 SEMI bookings USD 309.6m, +22.6% Q‑on‑Q / +43.2% YoY; SEMI book‑to‑bill 1.13). They reiterated that structural AI demand should support 2026 revenue growth across SEMI and SMT but cautioned there is less visibility for the second half of 2026.ASMPT Ltd Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
72
Positive
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.74B | 13.23B | 14.70B | 19.36B | 21.95B |
| Gross Profit | 5.26B | 5.29B | 5.77B | 7.97B | 8.91B |
| EBITDA | 1.15B | 1.39B | 1.93B | 4.10B | 4.79B |
| Net Income | 902.03M | 345.26M | 715.35M | 2.62B | 3.17B |
Balance Sheet | |||||
| Total Assets | 26.16B | 23.67B | 23.96B | 24.78B | 26.50B |
| Cash, Cash Equivalents and Short-Term Investments | 5.68B | 5.10B | 4.80B | 4.41B | 4.88B |
| Total Debt | 4.23B | 4.56B | 4.03B | 3.76B | 4.24B |
| Total Liabilities | 9.03B | 8.38B | 8.16B | 8.92B | 11.09B |
| Stockholders Equity | 17.03B | 15.19B | 15.69B | 15.74B | 15.28B |
Cash Flow | |||||
| Free Cash Flow | -251.42M | 566.24M | 1.89B | 2.45B | 2.19B |
| Operating Cash Flow | 242.52M | 1.02B | 2.35B | 2.94B | 2.54B |
| Investing Cash Flow | 233.16M | -607.26M | -607.42M | -598.84M | -518.73M |
| Financing Cash Flow | -619.51M | -234.63M | -1.62B | -2.55B | -1.72B |
ASMPT Ltd Technical Analysis
Positive
138.10
Price Trends
173.71
Positive
139.60
Positive
109.91
Positive
Market Momentum
8.34
Negative
57.42
Neutral
68.05
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 138.1 is below the 20-day moving average (MA) of 191.49, below the 50-day MA of 173.71, and above the 200-day MA of 109.91, indicating a bullish trend. The MACD of 8.34 indicates Negative momentum. The RSI at 57.42 is Neutral, neither overbought nor oversold. The STOCH value of 68.05 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$81.61B | 61.14 | 6.70% | 0.69% | 3.83% | 160.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | HK$2.17B | 12.96 | 6.65% | 6.98% | -7.14% | -59.92% | |
55 Neutral | HK$799.28M | 27.11 | 4.98% | ― | -17.88% | -60.44% | |
53 Neutral | HK$112.88M | -2.85 | -25.49% | ― | -24.59% | 9.82% | |
52 Neutral | HK$44.24B | 209.18 | 3.97% | 0.20% | 17.21% | -54.17% |
* Technology Sector Average
HK:0522
ASMPT Ltd
200.80
145.03
260.04%
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ASMPT Ltd Corporate Events
ASMPT completes US$120 million sale of ASMPT NEXX to Applied Materials
Jun 4, 2026
ASMPT Limited has completed the sale of its indirect wholly owned subsidiary ASMPT NEXX, Inc. to U.S. semiconductor equipment maker Applied Materials, Inc., with closing occurring on 3 June 2026. Following the deal, ASMPT NEXX, Inc. will no longer...
ASMPT Issues New Shares to Fund Employee Incentive Awards
May 11, 2026
ASMPT Limited has issued and allotted 1,571,250 new shares under its employee share incentive scheme, representing about 0.376% of its existing share capital and 0.375% of the enlarged share base. The shares, issued at par value of HK$0.10 each an...
ASMPT Updates Market on Board and Committee Composition
May 7, 2026
ASMPT Limited has updated the market on the current composition of its board, detailing a lineup of independent non-executive directors and non-executive directors, led by chairman John Lok Kam Chong. The disclosure also clarifies which directors ...
ASMPT awards 1.52 million shares to over 1,000 employees under incentive scheme
May 5, 2026
ASMPT has granted a total of 1,517,300 shares, representing about 0.36% of its issued share capital, to 1,073 employees under its existing employee share incentive scheme, with allocations based on role, experience, tenure and performance within t...
ASMPT to Sell U.S. Subsidiary ASMPT NEXX to Applied Materials for US$120 Million
May 4, 2026
ASMPT Limited has agreed to sell all issued shares of its indirect wholly owned U.S. subsidiary ASMPT NEXX, Inc. to Applied Materials, Inc. for a cash consideration of US$120 million, subject to customary adjustments. The deal also includes the tr...
ASMPT Rides AI Boom With Surging Q1 Orders and Strong Margin Gains
Apr 21, 2026
ASMPT reported strong unaudited first-quarter 2026 results from continuing operations, buoyed by AI-driven demand that is increasing the value and complexity of backend semiconductor manufacturing and boosting uptake of its advanced bonding, packa...
ASMPT Calls 2026 AGM, Proposes Dividends and Expanded Capital Mandates
Apr 9, 2026
ASMPT Limited has convened its 2026 annual general meeting for 7 May 2026 in Hong Kong to seek shareholder approval of its audited financial statements for the year ended 31 December 2025, the reappointment of Deloitte Touche Tohmatsu as auditor, ...
ASMPT Sets April Board Meeting to Approve Q1 2026 Results
Apr 1, 2026
ASMPT Limited has scheduled a board meeting for 21 April 2026 to consider and approve the unaudited consolidated results of the company and its subsidiaries for the three months ended 31 March 2026. The company plans to release these first-quarter...
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.