Goldman Sachs: Lowered target price for ASM Pacific Technology (00522.HK) to 60.2 Hong Kong dollars. Expecting the full recovery of mainstream tools to take longer.

Zhitong Financial APP learned that Goldman Sachs has issued a research report stating a downward revision of the target price for ASMPT (00522.HK) from 61 Hong Kong dollars to 60.2 Hong Kong dollars, equivalent to a forecasted P/E ratio of 15 times for next year, maintaining a "neutral" rating. The bank is optimistic about the company's product progress, but expects a longer time for mainstream tool recovery. Considering lower-than-expected first-quarter performance and second-quarter performance guidance, the bank has lowered the company's net profit forecast for this year by 27.1%, and reduced the net income forecasts for next year and 2027 by 4.1% each. The bank has also lowered the revenue forecasts for the company from this year to 2027 by 0.2% to 0.5%, reflecting slower-than-expected recovery rates for automotive and industrial industry customers.