Bank of China International: Lowering ASMPT (00522) target price to 81 Hong Kong dollars, maintaining "buy" rating.

Bank of China International released a research report stating that ASMPT (00522) first quarter performance met the median guidance, benefiting from improvements in product mix, with gross profit margin up about 3.7 percentage points year-on-year. The stock's valuation is attractive, maintaining a "buy" rating, but lowering the target price from HK$98 to HK$81. During the period, the Group's net profit was 84 million yuan, slightly better than market expectations. Bank of China International stated that ASMPT's advanced packaging business continues to progress rapidly, while the equipment industry is gradually bottoming out and recovering. Its TCB business continues to be recognized by customers, while the SMT business has been dragging down the company's recent performance. However, the bank believes that due to orders being rushed to ship within the 90-day tariff suspension period, coupled with capacity transfers driving global capital expenditure growth, the group is expected to benefit.