ASMPT’s H1 2026 report closes the cash-flow data gap and supports examining its expanding advanced-packaging exposure, but earnings quality and business mix still prevent a clean sustainable common-owner valuation.
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Research view: ASMPT’s H1 2026 report closes the cash-flow data gap and supports examining its expanding advanced-packaging exposure, but earnings quality and business mix still prevent a clean sustainable common-owner valuation. Dated facts: the unaudited H1 report, published 2026-08-28, shows continuing-operations revenue HK$8.903B, operating profit HK$1.172B, attributable profit from continuing operations HK$747.111M, and diluted continuing-operations EPS HK$1.78; discontinued operations lost HK$158.155M. It reports H1 operating cash flow HK$727.255M, PPE purchases HK$131.216M and PPE deposits HK$5.518M. The report says AP was 30% of group revenue and describes more than 50 C2S TCB tools ordered in July; orders are not revenue or cash. Valuation limit: no verified current price or reconciled normalized common-owner P/E is established here; adjusted EPS excludes items including share-based payments, restructuring, deemed-disposal losses, impairment and disposal gains. Next evidence: audited subsequent results, diluted-share reconciliation, cash conversion, order delivery and customer qualification across both SEMI and SMT.
Oct 15, 2026, 10:39 PM PT · Evidence assessment: medium · Separate from scenario confidence and investment conviction.
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