ASMPT (00522) advanced more than 4% during the afternoon session. At the time of writing, the share price was trading 3.76% higher at HK$159.90, with turnover reaching HK$349 million. According to SEMI data, global semiconductor equipment shipments grew 23% year-over-year in the second quarter, as downstream wafer fabs continue expanding production capacity, driving procurement of supporting equipment such as optical inspection tools. Industry analysts point out that global fab capital expenditure is advancing steadily, while domestic semiconductor equipment makers are intensifying efforts to tackle front-end core processing tools. With component supply chains maturing, the localization substitution process continues to gain momentum.

In a recent research note, Kaiyuan Securities stated that ASMPT stands to benefit deeply from the AI infrastructure capex cycle, which is reshaping the equipment market landscape. The company holds a strong technological position in core bonding equipment for HBM and CoWoS advanced packaging, with orders and market share expected to rise in tandem, offering both industry beta and company-specific alpha. Both its traditional back-end equipment and SMT businesses are seeing concurrent recovery. In the second quarter of 2026, the company recorded continuing operating revenue of HK$4.936 billion, up 52.1% year-over-year, with net profit attributable to shareholders reaching HK$418 million, a year-over-year surge of 177%. As the revenue mix shifts further toward advanced packaging and scale effects unfold, the company could see a "Davis Double Play" in both earnings and valuation. Kaiyuan Securities forecasts net profits attributable to shareholders of HK$1.739 billion, HK$3.022 billion, and HK$3.651 billion for fiscal years 2026 through 2028, representing year-over-year growth of 92.8%, 73.8%, and 20.8%, respectively. This corresponds to EPS of HK$4.15, HK$7.20, and HK$8.71, with PE multiples of 39.0x, 22.5x, and 18.6x at the current share price, leading to a maintained "Buy" rating.