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ASMPT Ltd
(0522)
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Rating:56Neutral
Price Target:
HK$163.00
â–²(1.31% Upside)
Action:Reiterated
Date:08/17/26
Overall score reflects a solid earnings-call-driven outlook (strong guidance, record bookings, and improved profitability) offset by weaker recent financial statement quality—especially 2025 cash flow deterioration and negative free cash flow. Technicals are mixed (negative MACD, but price above longer-term averages), while valuation is a notable headwind given a high P/E and modest yield.
Positive Factors
Advanced packaging and photonics growth
Strong growth across advanced packaging, photonics and SMT indicates that ASMPT is participating in expanding semiconductor and AI-related manufacturing demand. Broad-based momentum across these businesses can strengthen scale, customer relevance and earnings potential over the next several quarters.
Negative Factors
Weakened multi-year earnings base
The sharp 2025 revenue decline and lower operating and net margins show that ASMPT remains exposed to semiconductor demand cycles. Even with the current recovery, earnings are still below prior peaks, making sustained margin improvement dependent on durable volume and mix gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Advanced packaging and photonics growth
Strong growth across advanced packaging, photonics and SMT indicates that ASMPT is participating in expanding semiconductor and AI-related manufacturing demand. Broad-based momentum across these businesses can strengthen scale, customer relevance and earnings potential over the next several quarters.
Read all positive factors
ASMPT Ltd (0522) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$66.52B
Dividend Yield1.32%
Average Volume (3M)3.10M
Price to Earnings (P/E)43.5
Beta (1Y)0.76
Revenue Growth21.38%
EPS Growth414.20%
CountryHK
Employees9,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.65
Shares Outstanding419,408,230
10 Day Avg. Volume1,897,098
30 Day Avg. Volume3,100,775
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$225.02Price Target Upside39.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)4.33
Revenue Forecast (FY)HK$19.08B
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 makes money primarily by selling capital equipment used in semiconductor assembly and packaging and in electronics assembly. Its core revenue stream is equipment sales (recognized when systems are delivered/accepted per contract terms), wher...
ASMPT Ltd Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: double-digit revenue growth, record bookings, margin expansion, profitable quarter-over-quarter improvements across segments, and clear momentum in advanced packaging, SMT and photonics tied to AI demand. Key challenges include supply-chain-driven longer lead times, timing uncertainty in memory (HBM) TCB uptake, delayed hybrid bonding adoption, increased OPEX and a pending CEO transition. Overall, the positive financial and commercial metrics and confident near-term guidance materially outweigh the execution and timing risks called out by management.Positive Updates
Strong First Half Revenue Growth
Group revenue for H1 2026 was USD 1.14 billion, up 18.9% half-on-half and 42.5% year-on-year, driven by SEMI (advanced packaging & photonics) and SMT (assembly) businesses.
Negative Updates
Longer Lead Times and Supply-Chain Tightness
Rapid demand growth has led to longer lead times for certain materials, extending order-to-billing conversion to an estimated ~6–9 months and moderating near-term conversion of strong bookings into revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First Half Revenue Growth
Group revenue for H1 2026 was USD 1.14 billion, up 18.9% half-on-half and 42.5% year-on-year, driven by SEMI (advanced packaging & photonics) and SMT (assembly) businesses.
Read all positive updates
Company Guidance
ASMPT guided Q3 2026 revenue of USD 630–690 million (midpoint implying +4.8% Q‑on‑Q and +46.3% Y‑on‑Y) and said bookings should grow a high‑single‑digit percentage sequentially (driven mainly by TCB and photonics); management warned of longer lead times for certain materials and an extended order‑to‑billing conversion of roughly 6–9 months (longer for AP products), said group gross margin should remain stable with overall margin staying above 40% (SMT mid‑30s gross margin; Semi Q2 adj. margin 46.5%), and reiterated confidence in 2026 revenue growth across SEMI and SMT after H1 revenue of USD 1.14 billion, H1 bookings of USD 1.63 billion (book‑to‑bill 1.43) and Q2 revenue/bookings of USD 630.0m / USD 903.6m.ASMPT Ltd Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
72
Positive
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.74B | 13.74B | 13.23B | 14.70B | 19.36B | 21.95B |
| Gross Profit | 8.10B | 5.26B | 5.29B | 5.77B | 7.97B | 8.91B |
| EBITDA | 2.67B | 1.15B | 1.39B | 1.93B | 4.10B | 4.79B |
| Net Income | 1.44B | 902.03M | 345.26M | 715.35M | 2.62B | 3.17B |
Balance Sheet | ||||||
| Total Assets | 27.24B | 26.16B | 23.67B | 23.96B | 24.78B | 26.50B |
| Cash, Cash Equivalents and Short-Term Investments | 5.88B | 5.68B | 5.10B | 4.80B | 4.41B | 4.88B |
| Total Debt | 3.96B | 4.23B | 4.56B | 4.03B | 3.76B | 4.24B |
| Total Liabilities | 9.93B | 9.03B | 8.38B | 8.16B | 8.92B | 11.09B |
| Stockholders Equity | 17.30B | 17.03B | 15.19B | 15.69B | 15.74B | 15.28B |
Cash Flow | ||||||
| Free Cash Flow | 623.27M | -251.42M | 566.24M | 1.89B | 2.45B | 2.19B |
| Operating Cash Flow | 1.03B | 242.52M | 1.02B | 2.35B | 2.94B | 2.54B |
| Investing Cash Flow | 984.70M | 233.16M | -607.26M | -607.42M | -598.84M | -518.73M |
| Financing Cash Flow | -910.59M | -619.51M | -234.63M | -1.62B | -2.55B | -1.72B |
ASMPT Ltd Technical Analysis
Negative
160.90
Price Trends
170.68
Negative
172.56
Negative
132.80
Positive
Market Momentum
-2.21
Positive
45.46
Neutral
37.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0522, the sentiment is Negative. The current price of 160.9 is below the 20-day moving average (MA) of 165.15, below the 50-day MA of 170.68, and above the 200-day MA of 132.80, indicating a neutral trend. The MACD of -2.21 indicates Positive momentum. The RSI at 45.46 is Neutral, neither overbought nor oversold. The STOCH value of 37.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$41.55B | 50.77 | 13.88% | 0.26% | 24.48% | 124.67% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | HK$1.66B | 7.50 | 8.41% | 4.39% | 6.61% | -46.73% | |
56 Neutral | HK$66.52B | 43.45 | 8.50% | 1.32% | 21.38% | 414.20% | |
51 Neutral | HK$614.45M | -19.61 | -2.79% | 1.85% | -6.32% | -159.42% | |
41 Neutral | HK$83.25M | -2.39 | -24.57% | 3.19% | -17.27% | 74.09% |
* Technology Sector Average
HK:0522
ASMPT Ltd
158.60
91.14
135.10%
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Shanghai Fudan Microelectronics Group Co
25.72
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-23.09%
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0.25
-0.22
-47.10%
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Niche-Tech Semiconductor Materials Limited
0.12
>-0.01
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China Electronics Huada Technology Company Limited
0.82
-0.72
-46.58%
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Fortior Technology (Shenzhen) Co., Ltd. Class H
117.60
-51.36
-30.40%
ASMPT Ltd Corporate Events
ASMPT Grants CEO Share Award Tied to Performance and Retention
Aug 12, 2026
ASMPT Limited has granted 59,500 shares, representing about 0.01% of its issued share capital, to Director and Group Chief Executive Officer Bassel Haddad under its employee share incentive scheme. The award, approved by the remuneration committee...
ASMPT Sets Out Board Line-up and Committee Roles in Governance Update
Aug 11, 2026
ASMPT Limited has updated its corporate governance disclosure with a detailed list of its board of directors, highlighting a mix of independent non-executive, non-executive and executive leadership led by chairman John Lok Kam Chong and group CEO ...
ASMPT rides AI and advanced packaging boom to strong first-half 2026 results
Jul 28, 2026
ASMPT reported robust first-half 2026 results from continuing operations, with revenue rising 18.9% half-on-half and 42.5% year-on-year to HK$8.90 billion, driven by mainstream and photonics demand and record SMT bookings. The group highlighted AI...
ASMPT declares interim dividend of HKD 0.97 per share for first half of 2026
Jul 28, 2026
ASMPT Limited has declared an interim ordinary dividend of HKD 0.97 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The ex-dividend date is set for 11 August 2026, with the record date on 17 August ...
ASMPT Names Semiconductor Veteran Bassel Haddad as New Group CEO
Jul 20, 2026
ASMPT Limited announced that Group Chief Executive Officer Robin Ng will retire on 11 August 2026 after more than twenty years of service, including six years as Group CEO, with the board expressing strong appreciation and noting there are no outs...
ASMPT Sets Late-July Board Meeting to Approve Interim Results and Dividend
Jul 13, 2026
ASMPT Limited has scheduled a Board of Directors meeting for 28 July 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the payment of an interim dividend, underscoring the company...
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.