Macquarie's report stated that ASMPT (00522.HK) owns a mainstream and high-end portfolio of optical communication equipment, with major customers including Mellanox and Innolight. The bank expects these customers to account for a single-digit percentage of ASMPT's semiconductor solution revenue next year.
The bank raised their profit forecast for ASMPT for the fiscal years 2024 to 2026 by 9%, 10%, and 9%, respectively. This is mainly due to increased orders from Nvidia (NVDA.US) in the fields of optical communication and advanced packaging. The bank is bullish on ASMPT's long-term growth prospects in advanced packaging and maintains its 'outperform' rating with a 1% increase in target price to 119 yuan. The bank believes that investors are underestimating the opportunities for Nvidia's products in the field of optical communication.