Analyst Note| Dan Baker |
ASM Pacific Technology, or ASMPT, reported a very strong second-quarter result, with revenue up 38% and net profit up 100% year on year, respectively, on an underlying basis. The company also reported HKD 7.3 billion (USD 943 million) of bookings in the second quarter, implying a book-to-bill ratio of 1.4. Management indicated that revenue in the remainder of 2021 is also likely to be strong, supported by a record-high order backlog of HKD 11.5 billion (USD 1.5 billion). ASMPT remains leveraged to global semiconductor and electronics growth, in particular from 5G infrastructure and handset growth, increasing electrification and electronics usage in automobiles, and growth in Big Data and high-end computing. The drive for self-sufficiency in semiconductor supply from a number of countries is also helping equipment suppliers like ASMPT.