30.10.2024
ASMPT Announces 2024 Third Quarter Results TCB Momentum For HBM Intensifies
Download full PDF
Group Financial Highlights for Q3 2024
Non-HKFRS Measures1
Revenue Guidance for Q4 2024
Full Results Announcement and Investor Presentation available from https://www.asmpt.com/en/investors/financials-results/ (Hong Kong, 30 October 2024) — ASMPT Limited (ASMPT / the Group/ the Company) (Stock code: 0522), a leading global provider of hardware and software solutions for the manufacture of semiconductors and electronics, announced its third quarter results for the three months ended 30 September 2024. The Group delivered Q3 revenue at the high end of guidance. “As technology evolves, the remarkable demand surge for generative AI continues, fuelled by substantial investments from leading AI players," said Mr. Robin Ng, Group CEO. "This accelerating adoption is driving the need for advanced logic and memory packaging applications, where our Advanced Packaging solutions are doing well, particularly for our flagship Thermo Compression Bonding solutions. Our continued strength in advanced packaging solutions positions us well as an innovator in the market."
1 For more information about the Non-HKFRS measures, please refer to the section under “Reconciliation of HKFRS Measures to the non-HKFRS Measures” on page 10 to 11 of the Group’s Q3 2024 results announcement. 2 Decreases mainly due to foreign exchange impact. Excluding this, adjusted net profit would be flat QoQ and up 73% YoY.
Group Q3 2024 Highlights Recovery in the overall semiconductor industry continues to be rather uneven. At one end, non-AI related cyclical semiconductor demand - such as consumer, computer & communication end-markets - is recovering slower than anticipated, with automotive and industrial end-markets remaining sluggish. SEMI mainstream bookings grew QoQ but order flow remained sporadic, while SMT’s overall market continued to experience softness while still maintaining its leading market position this year.
At the other end, demand for generative AI powered ahead, driven by significant capital spending from major AI players and boosting demand for advanced logic and memory packaging applications. The Group’s Advanced Packaging (AP) solutions continued to benefit from this with AP bookings remaining robust, supported mostly by Thermo Compression Bonding (TCB) and Photonics solutions.
The Group’s unique and broad-based portfolio continues to be an important advantage. Here, AP momentum partially mitigated the impact of weakness in mainstream.
With the industry’s most comprehensive suite of AP solutions serving a diverse range of applications, the Group experienced strong demand across multiple AP solutions fuelled by high growth from generative AI and High-Performance Computing (HPC) applications. Here are some AP highlights:
AAMI Proposed Transaction As announced on 23 October 2024, the Group has proposed to dispose of its stake in its strategic joint venture, Advanced Assembly Materials International Limited (AAMI) to Shenzhen Original Advanced Compounds Co., Ltd. (SOAC) in consideration of new shares to be issued by SOAC and the remaining consideration in cash. Besides the immediate cash flow that the Group would receive on completion, this proposed transaction may potentially create additional value for ASMPT shareholders as the Group would receive no less than 20% of the shares in SOAC with further potential to grow its value in the semiconductor materials field.
Outlook In the near term, the Group is confident about its AP prospects. While SMT bookings are bottoming out, SEMI mainstream’s recovery is slower than anticipated.
Considering the above and seasonality effects, the Group expects Q4 2024 revenue to be between US$380 million to US$460 million, representing -3.5% YoY and -2.0% QoQ at mid-point.
About ASMPT Limited (“ASMPT”)
ASMPT Limited is a leading global supplier of hardware and software solutions for the manufacture of semiconductors and electronics. Headquartered in Singapore, ASMPT’s offerings encompass the semiconductor assembly & packaging, and SMT (surface mount technology) industries, ranging from wafer deposition to the various solutions that organise, assemble and package delicate electronic components into a vast range of end-user devices, which include electronics, mobile communications, computing, automotive, industrial and LED (displays). ASMPT partners with customers very closely, with continuous investment in R&D helping to provide cost-effective, industry-shaping solutions that achieve higher productivity, greater reliability, and enhanced quality. ASMPT is also a founding member of the Semiconductor Climate Consortium.
ASMPT is listed on the Stock Exchange of Hong Kong (HKEX stock code: 0522), and is one of the constituent stocks of the Hang Seng TECH Index, Hang Seng Composite MidCap Index under the Hang Seng Composite Size Indexes, the Hang Seng Composite Information Technology Industry Index under the Hang Seng Composite Industry Indexes, the Hang Seng Corporate Sustainability Benchmark Index, and the Hang Seng HK 35 Index. To learn more about ASMPT, please visit us at www.asmpt.com.
Forward-Looking Statements
All statements included herein, other than statements of historical facts, are or may be forward-looking statements. These forward-looking statements reflect ASMPT’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known or unknown risks and uncertainties. Accordingly, actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors. Readers should not place undue reliance on such forward-looking statements, and ASMPT does not undertake any obligation to update publicly or revise any forward-looking statements. Save as otherwise referred to below, no statement herein is intended to be or may be construed as a profit forecast.
Profit Forecast
On 14 October 2024, ASMPT issued a possible offer announcement (the “Rule 3.7 Announcement”) pursuant to Rule 3.7 of the Hong Kong Code on Takeovers and Mergers (the “Code”). As this press release is made after the Rule 3.7 Announcement and therefore during the offer period for the purposes of the Code, the unaudited profit and loss figures contained in this press release are regarded as profit forecasts under Rule 10 of the Code, and need to be reported on by ASMPT’s auditors or accountants and ASMPT’s financial advisers with such reports included in this press release, and this press release should contain a statement that the profit forecasts have been reported on in accordance with the Code and that the reports have been lodged with the Executive Director of the Corporate Finance Division of the Securities and Futures Commission (the “Executive”).
As the offer period only recently commenced on 14 October 2024, ASMPT’s auditors and financial advisers require additional time to complete their work and issue the reports. ASMPT expects that the reports will be included in an announcement made by ASMPT on or before 11 November 2024. ASMPT would therefore like to draw the attention of ASMPT’s shareholders and potential investors to the fact that this press release does not meet the standard required by, and has not been reported on in accordance with, Rule 10 of the Code. ASMPT’s shareholders and potential investors should exercise caution in placing reliance on the relevant profit forecasts, when assessing the merits and demerits of any transaction that may take place in the context of the Rule 3.7 Announcement and when dealing in ASMPT’s securities.
- End -
For media enquiries:
Lim Ee Guan Director, Corporate Communications Tel: +65 6450 1445 Email: eg.lim@asmpt.com On behalf of ASMPT: Strategic Financial Relations Limited Mandy Go / Vivienne Leung Tel: +852 2864 4812 / 2864 4862 Fax: +852 2527 1196 Email: mandy.go@sprg.com.hk/ vivienne.leung@sprg.com.hk
Login Register