The Zhitong Finance App learned that Citi released a research report saying that it maintains the ASMPT (00522) “neutral” rating and believes that its profits may have bottomed out, but a more comprehensive recovery may require a healthier industry utilization rate and a rebound in terminal demand. Its earnings estimates for fiscal years 2023 and 24 were raised by 29% and 32% to reflect that first-quarter results were better than expected. The target price increased accordingly from HK$46 to HK$63.

According to the report, the company's current stock price mainly reflects positive factors including better-than-expected first-quarter results, but the outlook for order demand is still uncertain, and the semiconductor downward cycle seems longer than expected. Despite being offset by automotive and industrial SMT tools, mainstream tools and CIS demand remained sluggish.