[ET Net News Agency, 21 January 2021] Citi Research lifted its target price for ASM
Pacific Technology (00522) to HK$164 from HK$130 and maintained its "buy" rating.
The research house expects ASM to benefit from HPC (high performance computing) by
providing advanced packaging solutions (Physical Vapor Deposition/Electro-Chemical
Deposition, PCB, with more SiP and CoWoS-related to come), with contribution continuing to
rise from 10%/20%/25% in 2018/2019/1H 2020 to a higher level.
Citi also believes it would benefit from the automotive upcycle as 25% of the revenue
breakdown is from automotive customers. (KL)