The analyst rating upgrade from BofA Securities for ASMPT (00522.HK) is based on several key factors: 1. Expected Recovery: The report predicts a noticeable recovery for ASMPT starting in the second half of 2026 and continuing for the following two years. 2. Adoption of Technology: The broker believes that ASMPT's TCB (Tape Carrier Bonding) equipment technology will see wider adoption among memory and logic chip manufacturers, which is expected to drive growth. 3. Strong EPS Growth: BofA Securities anticipates that the company's earnings per share (EPS) will experience strong growth over the next three years, with a compound annual growth rate (CAGR) exceeding 30%. 4. Sustainable Revenue Levels: The forecast includes expectations for revenue to reach mid-to-peak cycle levels, along with a gross margin exceeding 40%, indicating that the revenue growth is considered sustainable. These factors led BofA Securities to raise the target price from HKD 95 to HKD 150 and upgrade the stock rating from Neutral to Buy.

Morgan Stanley

maintain

$100 -> $120

2026-02-23

Reason

Morgan Stanley

Price Target

$100 -> $120

2026-02-23

maintain

Reason

The analyst rating from Morgan Stanley for ASMPT (00522.HK) is based on several key factors: 1. Positive Revenue Guidance: The company provided guidance for a 14% year-over-year increase in revenue, reaching USD 500 million for 4Q25, which the broker believes is attainable. 2. Strong Performance Expectations: The broker anticipates that revenue for 1Q26 will exceed normal seasonal patterns, projecting it to hit HKD 4 billion. 3. Long-term Growth Potential: Morgan Stanley believes that ASMPT is well-positioned for long-term growth, supported by increased capital expenditures in the OSAT (Outsourced Semiconductor Assembly and Test) business. 4. Accelerating Revenue Growth: The broker projects annual revenue growth to accelerate from 7% in 2025 to 22% in 2026, with sustained growth momentum expected until 2027. 5. Adjusted EPS Forecast: The analyst slightly adjusted its earnings per share (EPS) forecast for the current year, reflecting the anticipated strong performance in 1Q26. 6. Increased Target Price: The target price for ASMPT was raised from HKD 100 to HKD 120, reinforcing the positive outlook. Overall, these factors led Morgan Stanley to maintain an Overweight rating on the stock.

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00522 Should I Buy

00522 Should I Buy

Should You Buy ASMPT (00522) Today? Analysis, Price Targets, and 2026 Outlook.

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