This article first appeared on GuruFocus .
-
First Half Revenue:USD 1.14 billion, up 18.9% half-on-half and 42.5% year-on-year.
-
First Half Bookings:USD 1.63 billion, up 68.1% half-on-half and 85.1% year-on-year.
-
Book-to-Bill Ratio:1.43, highest since the first half of 2021.
-
First Half Adjusted Gross Margin:41.2%, up 441 basis points half-on-half and 86 basis points year-on-year.
-
First Half Adjusted Operating Expenditures:HKD 2.42 billion, up 2.4% half-on-half and 15.4% year-on-year.
-
Q2 Revenue:USD 630.0 million, up 24.4% quarter-on-quarter and 52.1% year-on-year.
-
Q2 Bookings:USD 903.6 million, up 24.8% quarter-on-quarter and 97.6% year-on-year.
-
Q2 Adjusted Gross Margin:42.5%, up 302 basis points quarter-on-quarter and 284 basis points year-on-year.
-
Q2 Adjusted Operating Profit:HKD 847.0 million, up 114.1% quarter-on-quarter and 268.8% year-on-year.
-
Q2 Adjusted Net Profit:HKD 637.5 million, up 90.2% quarter-on-quarter and 253.9% year-on-year.
-
Q2 Adjusted Earnings Per Share:HKD 1.53.
-
Semiconductor Solutions Q2 Revenue:USD 369.1 million, up 34.9% quarter-on-quarter and 56.1% year-on-year.
-
Semiconductor Solutions Q2 Bookings:USD 428.1 million, up 39.0% quarter-on-quarter and 125.9% year-on-year.
-
SMT Solutions Q2 Revenue:USD 260.9 million, up 12.1% quarter-on-quarter and 46.9% year-on-year.
-
SMT Solutions Q2 Bookings:USD 475.4 million, up 14.3% quarter-on-quarter and 77.6% year-on-year.
-
Interim Dividend:$0.97 per share.
-
Q3 2026 Revenue Guidance:USD 630 million to USD 690 million, midpoint increase of 4.8% quarter-on-quarter and 46.3% year-on-year.
Release Date: July 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
ASMPT Ltd ( ASMVF ) achieved strong revenue and bookings in the first half of 2026, driven by AI advancements and recovery in traditional midstream business.
-
The company's SMT segment achieved record bookings, largely due to strong demand from AI services and China's EV segment.
-
Semi AP bookings doubled year-on-year, highlighting ASMPT's multiple AP solutions as key enablers for AI infrastructure.
-
The group reported a significant increase in revenue and adjusted EPS, exceeding consensus in Q2 2026.
-
ASMPT's photonics solutions saw customers ramping up production of high-speed optical transceivers, with revenue almost tripling year-on-year.
Negative Points
-
The transition to CPO solutions in photonics is still in its early stages, with significant growth expected only by 2028.
-
Longer lead times for certain materials are affecting both SMT and semi operations, extending the order-to-billing conversion time.
-
The company's growth in China is primarily driven by traditional mainstream business, with advanced packaging still lagging behind the rest of the world.
-
The timing of memory TCB shipments remains uncertain, with some orders delayed due to customer product rollout schedules.
-
ASMPT faces competition in hybrid bonding, with the inflection point for this technology expected only around 2029-2030.
Q & A Highlights
Q: Could you discuss the expected timeline for memory TCB shipments to pick up, given the current slow momentum? Also, what is the delivery schedule for the 50 chip-to-substrate TCB orders from OSATs? A: The industry reports suggest that HBM3e is meeting current GPU packaging requirements, causing delays in customer purchase decisions for HBM TCB tools. However, we continue to secure repeat orders from HBM manufacturers, and our tools are being deployed for HBM4 in high-volume manufacturing. The delivery of the 50 TCB tools is expected in the first quarter of 2027, with some possibly in the second half of 2026, depending on customer pull-in requests. - Robin Ng, Group CEO
Q: As the market transitions from pluggable to CPO solutions, how does ASMPT expect to capture value, and are you seeing an increase in CPO-related orders? A: CPO is currently small, with an expected inflection point around 2027-2028. We are well-positioned with AMICRA for the CPO market and are engaging with key customers. Our solutions are suited for high-precision placement and bonding requirements, and we are confident in capturing a good market share as CPO adoption accelerates. - Robin Ng, Group CEO
Q: What is the outlook for chip-on-wafer demand, especially for leading-edge foundry clients, and how does competition look in this area? A: Chip-to-wafer demand is currently lower than chip-to-substrate. The next generation of GPUs may adopt chiplet architecture, requiring TCB for chip-to-wafer solutions. We expect more demand for chip-to-wafer tools by 2027 as this transition occurs. - Robin Ng, Group CEO
Q: Can you elaborate on the sustainability and potential of the photonics business, given the tripling of revenue in the first half of the year? A: We expect photonics demand to continue growing in the second half of the year, driven by optical transceivers. While CPO is still in early stages, we see a meaningful growth runway in both pluggable and CPO photonics. Our strong customer engagement and adoption activities indicate significant opportunities in this market. - Robin Ng, Group CEO
Q: What are the supply chain challenges affecting Q3 revenue guidance, and how do they impact the growth outlook for SMT and semi businesses? A: The rapid industry growth has led to supply chain tightness, resulting in longer lead times for certain materials, affecting both SMT and semi operations. The conversion time from bookings to billing is extended to around 6 to 9 months due to these factors and the increased semi product mix towards advanced packaging. Despite these challenges, we expect Q3 bookings to grow by high single digits, mainly driven by semi products, TCB, and photonics. - Robin Ng, Group CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
