HK Stock Market Move | ASMPT (00522) rises over 5%; the company benefits from the AI infrastructure capex cycle reshaping the equipment market outlook.

ASMPT (00522) rose over 5%, up 5.31% as of press time, at HK$168.5, with a turnover of HK$378 million. On the news front, the current AI infrastructure drive has led to upward revisions in global semiconductor capital expenditure, with global IDM and fab capex expected to grow 27% year-on-year in 2026, of which planned investment in advanced packaging production lines is set to grow 25% year-on-year. In terms of equipment market size, total global semiconductor manufacturing equipment sales are projected to reach US$169.2 billion in 2026, up 26% year-on-year. Kaiyuan Securities noted that the company is deeply benefiting from the AI infrastructure capex cycle reshaping the equipment market outlook, with strong technological positioning in core bonding equipment for HBM and CoWoS, and orders and market share expected to rise in tandem, offering both industry beta and alpha. Its traditional back-end equipment and SMT businesses are also recovering simultaneously. In the second quarter of this year, the company achieved continuing operations revenue of HK$4.936 billion, up 52.1% year-on-year, and net profit attributable to shareholders of HK$418 million, up 177% year-on-year. With the subsequent increase in the revenue share of advanced packaging and the release of scale effects, it is expected to enjoy a Davis double play in both earnings and valuation.