Glonghui, April 26 | UBS released a report stating that ASMPT's results for the first quarter of this year were in line with expectations, with revenue falling 8% quarterly to HK$3.1 billion, in line with the forecast and reaching the median forecast in the company's guidelines. Among them, semiconductor solutions (SEMI) business revenue fell 14% quarter-on-quarter, and surface-mount technology (SMT) business revenue fell 3% quarterly. Gross margin fell 0.4 percentage points to 41.9%. Earnings per share were HK43 cents, which was roughly in line with the bank's and market expectations of HK$48. The bank lowered ASMPT's earnings forecast for this year and next two years from HK$4.1 and HK$5.65 to HK$2.45 and HK$5.51. It is expected that the recovery of mainstream tools and advanced packaging will increase starting next year. The bank maintained its “buy” rating, and the target price was slightly reduced from HK$118 to HK$116. It is estimated that the growth in advanced packaging will increase in visibility or bring potential upside.