ASMPT Limited Structural AI tailwinds lifting TCB and photonics

研报英文原文证据摘录

ASMPT Limited Structural AI tailwinds lifting TCB and photonics

as a new driver for ASMPT’s advanced packaging in coming years, due to China’s 12/26E 5.25 5.02 -4 3.80

significant investment in advanced logic and memory, and ASMPT should be a key 12/27E 7.41 7.41 0 5.88

beneficiary. 12/28E 9.12 9.23 1 7.61

Strong growth from pluggables; CPO more meaningful in 27-28 Sunny Lin

Analyst

Photonics sales tripled YoY to cUS$75m in H126, reaching 6.5% of company sales, sunny.lin@ubs.com

mainly from pluggable transceiver tool demand for 800G and beyond transceivers. +886-2-8722 7346

Outlook remains robust for pluggable optics for H226 with significant growth. ASMPT's

Ryan Sunofferings for pluggable transceivers include DSP & passive component attach,

Associate Analyst

transmitter & receiver attach, chips on submount assembly, and electrical & optic ryan-za.sun@ubs.com

accessories. For co-packaged optics (CPO), ASMPT is developing TCB and hybrid +886-2-8722 7267

bonding solutions for electronic IC (EIC) on photonic IC (PIC) stacking, flip chip mass

Christine Chen, CFA

reflow solutions for optical engine (OE) on substrate, and FAU and micro lens attach

solutions. ASMPT is confident in its equipment development progress with its high christine.chen@ubs.com

precision bonding expertise and sees inflection for CPO orders around 2027-28. +886-2-8722 7361

Valuation: reiterate Buy rating and maintain price target of HK$200.00

Our 2026E EPS decreases by 4% after factoring in a one-time impact from the

divestment of the company's non-wholly-owned subsidiary investment. We maintain

our 2027E EPS at HK$7.41 as we continue to see improving business visibility for

advanced packaging, photonics, rebounding traditional packaging and SMT. Our price