The following is a summary of the ASMPT Limited (ASMVF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ASMPT reported Q1 revenue of US$401.4 million, down 7.8% quarter-on-quarter.

• Gross margin declined slightly by 40 basis points quarter-on-quarter to 41.9%.

• Adjusted Q1 net profit was HK$177.5 million, up 132.1% quarter-on-quarter, with adjusted earnings per share up 138.9% quarter-on-quarter.

• ASMPT reported a robust balance sheet with HK$5.25 billion in cash and bank deposits.

Business Progress:

• Bookings grew by 17% in Q1, primarily driven by Advanced Packaging solutions across both SEMI and SMT divisions.

• Progress noted in automotive applications, forming a large proportion of total Group revenue.

• Plans revealed to capitalize on Advanced Packaging solutions, which have the highest growth potential.

• Product development ongoing, with the recent delivery of a next-generation ultra-fine-pitched TCB tool for chip-to-wafer applications.

• ASMPT has a robust Advance Packaging momentum, which improves the company's SMT margin mix.

• Increase of interest noted in photonics application, providing a comprehensive range of tools for transceiver packaging applications.

• The company plans to invest HK$250 million in R&D and infrastructure, with a focus on the AP side.

• The total addressable market (TAM) for AP is projected to increase up to HK$3.3 billion in 2028, with a significant compound annual growth rate.

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