ASM PACIFIC(00522.HK) 下半年業務有可能放緩

ASM Pacific(下稱「ASMPT」)4Q2021 收入 62.0 億元(港元.下同),相當於
7.96 億美元,高於 3Q 業績公布指引的 7.2 至 7.7 億美元收入預測上限,按年增加
43.9%,但按季下滑 1%,優於市場預期。新增訂單總額為港幣 52.5 億元(6.74 億美
元),按年增加 25.0%,按季則減少 8.2%,管理層解釋下跌主要是由於基數較高及受
處於較高的水平。整體毛利率為 41.3%,按年、按季分別增加 588 點子及 76 點子。按
年增長主要是由於 SEMI(半導體解決方案)及 SMT(表面貼裝技術解決方案)分部
的毛利率均表現相對強勁所致。股東應佔盈利 9.13 億元,按年、按季分別倒退 8.7%及
9.0%,每股盈利 2.22 元,按年、按季分別倒退 8.7%及 8.8%,但仍高於市場預期。

ASM Pacific Technology Limited (00522.HK)

Better-than-expected 4Q2021 EPS
ASMPT delivered revenue of HK$6.20bn (US$796mn) in 4Q2021, increased 43.9% YoY, but
dropped 1% QoQ. This exceeded the top end of revenue guidance US$720-770mn issued in
the previous quarter’s results announcement and higher than consensus estimates.
Bookings of HKD5.25bn (US$674 million), was an increase of 25.0% YoY, but a sequential
decline of 8.2%. This dip was largely due to a high base effect and general seasonality trends.
Of note, this quarter’s bookings remain elevated compared with prior years’ Q4 levels. The
GPM was 41.3%, represented an improvement of 588 bps YoY and 76 bps QoQ, with YoY
improvement due largely to relatively stronger gross margin performance across both SEMI
and SMT segments. Net Profit attributable to shareholders was HK$913 million, down 8.7%
YoY and 9.0% QoQ. ASMPT’s EPS reached HK$2.22, down 8.7% YoY and 8.8% QoQ, but still
above consensus estimates.

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