Citibank: ASM Pacific Technology (00522) business fundamentals are improving, repeat "buy" rating.

Citigroup released a research report stating that they reiterated their "buy" rating for ASMPT (00522) with a target price of 145 Hong Kong dollars. ASMPT's stock price rebounded by more than 5% in the early stage yesterday (14th), breaking through the historical resistance level of 120 Hong Kong dollars for the first time since 2021. The bank believes that the strong performance of the stock price is mainly driven by news reports that ASMPT recently showcased its HBM TCB technology to Samsung Electronics, and the project has entered the joint evaluation phase. If the news is true, ASMPT is expected to add Samsung as its second major customer, further solidifying its leading position in the TCB market. Citigroup stated that as capital expenditures in advanced packaging increase in the industry, ASMPT's business fundamentals are improving. The company continues to streamline operations, including potentially selling the NEXX and SMT businesses, which they believe will help drive a reevaluation of the stock price, surpassing historical ranges.