The Zhitong Finance App learned that Citi released a research report stating that it gave ASMPT (00522) a “buy” rating and is still optimistic about the company, believing that it will benefit from growing demand for its advanced packaging solutions. ASMPT's stock price is now even more attractive, with a target price of HK$120 after recovering 15% from a high level on April 9.

Citibank said ASMPT's first-quarter profit exceeded expectations, mainly due to gross margin and operating cost control. Revenue and booking amounts are in line with the guidelines. The order-shipment ratio surpassed 1 for the first time in two years, a positive sign of recovery. The median revenue forecast for the second quarter was a 17% year-on-year decline, and a 2% quarter-on-quarter increase, 13% lower than market expectations.