[ET Net News Agency, 25 April 2013] UBS cut its target price for ASM Pacific (00522)
to HK$42 from HK$46, and maintained its "sell" call.
It said ASM's 1Q BB (book to bill) ratio has risen above 1.0 again (1.12). Generally
speaking, IC/LED packaging companies are likely to buy equipment in the secon quarter to
prepare for a demand ramp-up in 3Q, which should help ASM report sequential growth once
again.
But on a YoY basis, UBS still expects ASM to report revenue declines in the coming
quarters. It thinks the near-term strength is mainly from the hot season effect and LED
BLU pull-in demand from panel makers, but it might not continue into 3Q, when panel makers
build up enough inventories. (KL)
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