20220617-招银国际-ASM_PACIFIC-00522.HK-Corp_Day_Takeaways__AP_and_automotive_to_drive_long-term_growth_4页

报告摘要

ASM Pacific (522 HK) Summary

Core Content

ASM Pacific Technologies Limited (ASMP) is a leading global supplier of semiconductor manufacturing equipment, with a focus on back-end processes. The company participated in a Technology Corporate Day investor call, where management provided updates on its financial performance and long-term growth drivers.

Key Financial Highlights

Metric	FY17	FY18	FY19	FY20	FY21
Revenue (HK$ mn)	17,523	19,551	15,883	16,887	21,948
YoY Growth (%)	23.0	11.6	-18.8	6.3	30.0
Net Income (HK$ mn)	2,815	2,216	619	1,622	3,169
EPS (HK$)	6.9	5.5	1.5	4.0	7.9
YoY Growth (%)	91.1	-20.4	-72.3	161.2	99.7
P/E (x)	16.2	12.5	72.0	50.2	10.7
P/B (x)	4.3	2.6	3.8	3.6	2.6
Yield (%)	9.5	10.2	7.6	10.2	14.7
ROE (%)	27.6	18.8	5.2	13.1	22.3
Net Gearing (%)	42.7	54.9	59.3	41.8	41.6

Source: Company data, Bloomberg, Wind, CMBIGM estimate

Current Price and Market Data

Current Price: HK$66.45
Market Cap: HK$27,569 million
Avg 3 mths t/o: HK$147.99 million
52w High/Low: HK$113.00 / HK$64.65
Total Issued Shares: 413 million

Source: Bloomberg

Shareholding Structure

Holder	Percentage
ABC	22.9%
DEF	22.4%
GHIJ	8.0%

Source: HKEx

Share Performance

Period	Absolute	Relative
1-mth	-13.2%	9.2%
3-mth	-15.0%	NA
6-mth	-18.5%	NA

Source: Bloomberg

12-Month Price Performance

Source: Bloomberg

Main Business Segments and Growth Drivers

Semi Solutions: Advanced Packaging Momentum

Market Outlook: Management is optimistic about the growth of advanced packaging (AP), expecting an 11% CAGR from FY21 to FY26, reaching US$2.7 billion in FY26.
Key Drivers: High demand from HPC (High-Performance Computing), Mini/Micro LED, and advanced SiP (System in Package) applications.
Product Highlights:
- Leading TCB bonder shipments.
- Hybrid bonder ramp-up with meaningful contribution in FY23.
- Increasing penetration in advanced display customers.
- Prototype of high-end AA equipment for smartphone camera upgrades.

SMT (Surface Mount Technology): Automotive Electrification and EV Trends

Growth Expectations: SMT business is expected to remain resilient, driven by strong demand in automotive, industrial, domestic smartphone, computer, communication, and 5G base stations.
Key Drivers: Automotive electrification and new energy vehicles (EVs) are expected to increase semi content, thus boosting demand.
Booking Trends: Management expects moderate 2Q22E booking but strong SMT momentum to continue.
Mini-LED Adoption: Mini-LED is at an inflection point for mass adoption, with orders expected to ramp up in the coming quarters.

CMBIGM Ratings

NOT RATED: The stock is not rated by CMBIGM.

Analyst Certification

The research analyst certifies that the views expressed accurately reflect their personal views and that no part of their compensation is related to the report's content.
Confirms no trading activity in the stock covered in the report within 30 days prior to the report's date and no intention to trade within 3 business days after.

Important Disclosures

Risks: There are risks involved in transacting in any securities. Past performance does not indicate future results.
Disclaimer: CMBIGM does not provide individually tailored investment advice and recommends consulting a professional financial advisor.
Conflicts of Interest: CMBIGM may have investment banking relationships with the companies in the report, which could affect the objectivity of the report.

Distribution Restrictions

UK: The report is only for persons falling under Article 19(5) or Article 49(2) of the Financial Services and Markets Act 2000.
US: The report is only for major US institutional investors, as defined in Rule 15a-6.
Singapore: The report is distributed by CMBISG, an Exempt Financial Adviser, and is subject to Singapore regulatory requirements.

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