ASM Pacific Technology Limited (HK:0522)
:0522
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ASMPT Ltd
(0522)
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Rating:62Neutral
Price Target:
HK$157.00
▲(13.69% Upside)
Action:ReiteratedDate:04/22/26
The score is held back primarily by weakened financial performance, especially the recent deterioration in cash generation and negative free cash flow, despite a solid balance sheet. Offsetting this, the latest earnings call was notably constructive with above-consensus Q2 guidance and record/strong bookings tied to AI demand. Technicals show a strong uptrend but are overextended, while valuation remains expensive with a high P/E and low yield.
Positive Factors
Robust backlog / record bookings
A USD 727m record backlog materially increases forward revenue visibility and supports capacity planning across quarters. Durable, multi-quarter order intake—especially tied to AI/SEMI demand—reduces near-term revenue downside and improves conversion prospects into installed-base and service revenue.
Negative Factors
Deteriorated cash generation / negative FCF
A shift to negative free cash flow weakens the firm's ability to self-fund capex, spare parts inventories and service expansion that drive recurring revenue. Persistent weak cash conversion increases dependence on external financing and constrains reinvestment and strategic optionality over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust backlog / record bookings
A USD 727m record backlog materially increases forward revenue visibility and supports capacity planning across quarters. Durable, multi-quarter order intake—especially tied to AI/SEMI demand—reduces near-term revenue downside and improves conversion prospects into installed-base and service revenue.
Read all positive factors
ASMPT Ltd (0522) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$68.98B
Dividend Yield0.69%
Average Volume (3M)2.58M
Price to Earnings (P/E)35.8
Beta (1Y)0.90
Revenue Growth3.83%
EPS Growth160.15%
CountryHK
Employees10,600
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.78
Shares Outstanding417,836,980
10 Day Avg. Volume2,179,384
30 Day Avg. Volume2,582,963
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.89
Price to Sales (P/S)2.35
P/FCF Ratio-128.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$172.47Price Target Upside24.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)3.8
Revenue Forecast (FY)HK$17.69B
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
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 | 5.19B | 5.29B | 5.77B | 7.97B | 8.91B |
| EBITDA | 1.28B | 1.39B | 1.93B | 4.10B | 4.79B |
| Net Income | 901.86M | 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
108.47
Positive
96.27
Positive
84.70
Positive
Market Momentum
6.35
Negative
75.94
Negative
93.14
Negative
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 above the 20-day moving average (MA) of 111.68, above the 50-day MA of 108.47, and above the 200-day MA of 84.70, indicating a bullish trend. The MACD of 6.35 indicates Negative momentum. The RSI at 75.94 is Negative, neither overbought nor oversold. The STOCH value of 93.14 is Negative, 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | HK$2.31B | 11.13 | 6.65% | 6.98% | -7.14% | -59.92% | |
62 Neutral | HK$68.98B | 35.76 | 6.37% | 0.69% | 3.83% | 160.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | HK$999.10M | 33.80 | 4.98% | ― | -17.88% | -60.44% | |
53 Neutral | HK$57.56B | -84.62 | 3.71% | 0.20% | 11.02% | -59.83% | |
41 Neutral | HK$67.02M | -1.89 | -40.33% | ― | -24.59% | 9.82% |
* Technology Sector Average
HK:0522
ASMPT Ltd
165.80
115.14
227.25%
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Niche-Tech Semiconductor Materials Limited
0.10
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China Electronics Huada Technology Company Limited
1.14
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Fortior Technology (Shenzhen) Co., Ltd. Class H
127.60
-6.40
-4.78%
ASMPT Ltd Corporate Events
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...
ASMPT Issues New Shares for Employee Incentive Scheme with Minimal Dilution
Mar 10, 2026
ASMPT Limited will issue and allot 56,650 new shares under its employee share incentive scheme to satisfy previously granted restricted share awards to selected employees, subject to their continued employment on the vesting date of 30 April 2026....
ASMPT Profit Surges on AI-Driven Demand as It Refocuses on Core Packaging Business
Mar 3, 2026
ASMPT Limited reported full-year 2025 revenue of HK$14.52 billion, up 9.8% year-on-year, driven by stronger group bookings and robust demand linked to artificial intelligence applications. Net profit surged 163.6% to HK$901.9 million, with basic e...
ASMPT Declares Final HKD 0.34 Dividend for FY2025
Mar 3, 2026
ASMPT Limited has declared a final ordinary cash dividend of HKD 0.34 per share for the financial year ended 31 December 2025, with the payment scheduled for 29 May 2026, subject to shareholder approval at the annual general meeting on 7 May 2026....
ASMPT Declares HK$0.79 Special Dividend for 2025 Financial Year
Mar 3, 2026
ASMPT Limited has declared a special cash dividend of HKD 0.79 per share for the financial year ended 31 December 2025, underscoring its capacity and willingness to return excess capital to shareholders. The distribution, subject to shareholder ap...
ASMPT’s 2025 Earnings Surge on AI-Driven Demand and Packaging Focus
Mar 3, 2026
ASMPT reported strong 2025 results driven by AI-related demand, with full-year bookings rising 17.5% to HK$14.98 billion and revenue up 9.8% to HK$14.52 billion. Net profit surged 163.6% to HK$901.9 million, while adjusted net profit grew 17.7% to...
ASMPT Sets March Board Meeting to Approve 2025 Results and Dividend
Feb 11, 2026
ASMPT Limited has scheduled a board meeting for 3 March 2026 to consider and approve the audited final results for the year ended 31 December 2025 for the company and its subsidiaries. The board will also deliberate on the payment of a final divid...
ASMPT CEO Robin Ng and Executive Director Guenter Lauber to Step Down in 2026
Feb 10, 2026
ASMPT Limited announced that Group Chief Executive Officer and Executive Director Robin Gerard Ng Cher Tat will not stand for re-election at the annual general meeting on 7 May 2026 and will retire from his CEO role to devote more time to his fami...
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.