【行业研究报告】ASM PACIFIC-Corp Day Takeaways: AP and automotive to drive long-term growth

WehostedaninvestorcallwithASMPacific(ASMP)duringourTechnology
CorporateDay.Mgmt.reiterated2Q22ErevenueguidanceofUS$670-740mn
(+5.8%YoY/+4.5%QoQatmid-point),factoringinrecentlockdownandsupply
chainchallenges,while2Q22Ebookingmaybesoftgivenhighbasein1Q22.
Despitenear-termsoftdemandinconsumerelectronics,componentshortage,
risingrawmaterialcostsandgeopoliticaltensions,mgmt.remainedpositiveon
advancedpackaging(AP)andautomotivedemanddrivinglong-termgrowth.
Semisolutions:advancedpackagingmomentumtoboostgrowth.Mgmt.
wasoptimisticaboutadvancedpackaging(AP)outlookandexpected
wasoptimisticaboutadvancedpackaging(AP)outlookandexpected
addressablemarkettogrowat11%FY21-26ECAGR,reachingUS$2.7bnin
FY26E.Asthegloballargestsemiback-endequipmentsupplier,ASMPisset
tobenefitfromstrongdemandfromHPC,Mini/MicroLEDandadvancedSiP
application.Mgmt.alsohighlighted1)itsleadingTCBbondershipment;2)
hybridbonderrampwithmeaningfulcontributioninFY23E;3)advanced
displaycustomerpenetration;and4)prototypeofhigh-endAAequipmentfor
smartphonecameraupgrade.
SMT:ridingonautomotiveelectrificationandEVtrend.Mgmt.expected
SMTbusinessgrowthwillremainresilientdrivenbystrongdemandacrossthe
board,includingautomotive&industrial,domesticsmartphone,computer,
communicationand5Gbasestation.Inparticular,automotiveelectrification
andnewenergyvehiclewillremainthekeydriversforSMTdemanddueto
increasingsemicontent.Mgmt.believedSMTbusinesslagsbehindsemi
solutionsbusinessby1-2quarters,andexpectedbookingstoremainstrong
forthenextquarter.
Moderate2Q22booking;strongSMTmomentum.During1Q22earning
call,mgmt.statedthat1QstrongbookingwasdrivenbybothTCBandAP
toolsrelatedtodepositionandadvanceddisplaymini-LEDtools.Mgmt.
expected2QbookingtobemoderatebutSMTmomentumwillremainstrong.
Mgmt.believedthatmini-LEDreachedaninflectionpointformassadoption
andmini/micro-LEDorderswillstarttorampupincomingquartersas
customersaredemandingforhigherresolutiondisplay.