ASMPT Limited

ASMPT reported Q2 2026 revenue of USD 630.0 million, up 24.4% Q/Q and 52.1% Y/Y, with Q2 bookings of USD 903.6 million, up 24.8% Q/Q and 97.6% Y/Y. Q2 adjusted gross margin was 42.5%, up 302 bps Q/Q and 284 bps Y/Y; adjusted operating profit was HKD 847.0 million, adjusted net profit was HKD 637.5 million, and adjusted EPS was HKD 1.53. For the first half of 2026, revenue was USD 1.14 billion, up 18.9% half-on-half and 42.5% Y/Y; bookings were USD 1.63 billion, up 68.1% half-on-half and 85.1% Y/Y; adjusted gross margin was 41.2%; and book-to-bill was 1.43. Q3 2026 revenue guidance is USD 630 million to USD 690 million, with bookings expected to grow by a high single-digit percentage sequentially, mainly driven by TCB and photonics. Management said the group remains confident of revenue growth across both SEMI and SMT in 2026 despite longer lead times and dynamic AI rollout schedules.

The CEO framed the quarter as evidence that ASMPT is benefiting from both AI infrastructure demand and a recovery in traditional mainstream end markets. He emphasized advanced packaging and photonics as key growth engines, highlighted record SMT bookings and strong Semi momentum, and reiterated that AI-related applications are expanding the company’s opportunity set across the value chain. He also spent significant time on the CEO transition, saying he is confident the new CEO will continue the transformation toward back-end packaging.

The CFO highlighted broad-based financial improvement: first-half revenue of USD 1.14 billion, bookings of USD 1.63 billion, book-to-bill of 1.43, and first-half adjusted gross margin of 41.2%. In Q2, she called out revenue of USD 630.0 million, bookings of USD 903.6 million, adjusted gross margin of 42.5%, adjusted operating profit of HKD 847.0 million, adjusted net profit of HKD 637.5 million, and adjusted EPS of HKD 1.53. She said Q3 gross margin should remain quite stable, with Semi benefiting from favorable mix and SMT staying in the mid-30s at the current volume level, implying group margin could stay above 40%; she also noted the interim dividend of HKD 0.97 per share on first-half adjusted EPS of HKD 1.94 for continuing and discontinued operations.

Analysts focused on the timing of memory TCB shipments, the delivery schedule for the more than 50 C2S TCB tools, and whether HBM4/next-gen GPU timelines could shift demand into 2027. Management said HBM3E is still meeting current GPU packaging needs, HBM4 qualification is taking longer, but ASMPT is already seeing repeat orders, in-stock tools being deployed in HBM4 high-volume manufacturing, and low-volume HBM4 work with multiple memory makers; most of the C2S tools will likely deliver in Q1 2027, with some in 2H26. Questions also covered photonics and CPO; management said CPO is still small and the inflection point is more likely in 2028, while current photonics strength is still mainly from pluggable optical transceivers. On guidance, management said Q3 bookings should grow high single digits sequentially, led by Semi, while SMT bookings may moderate Q/Q off a very high Q2 base but remain elevated Y/Y.