ASMPT (00522) reported its third-quarter results, with revenue meeting expectations, primarily driven by growth in advanced packaging and mainstream businesses benefiting from AI. Gross margin stood at 35.7%, influenced by product mix. The company posted a net loss of HK$269 million, mainly due to the liquidation of its Shenzhen factory. Excluding restructuring costs and inventory write-downs, adjusted profit for the quarter was HK$102 million.

CICC maintained its "Outperform" rating on ASMPT, citing continued market optimism toward its advanced packaging (AP) business and an upward shift in valuation benchmarks. The target price was raised by 25% to HK$90.

New orders in Q3 totaled US$463 million, though a cancellation by a high-density substrate manufacturer reduced the original order book from US$487 million. While revenue aligned with expectations, profit fell short of forecasts. Due to the one-time order cancellation, Shenzhen factory restructuring (now completed), and subdued AP business performance, CICC lowered its 2025 revenue estimate by 5% to HK$13.56 billion and slashed net profit projections by 75% to HK$250 million. The 2026 earnings forecast remains unchanged.