ASM Pacific Technology Limited (00522.HK) June 7, 2022 371

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD85.25

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.

About the author

Profile photo of Eric Li

Eric Li

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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