ASM Pacific (ASMPT) reported a strong 4Q2021 revenue of HKD 62.0 billion, up 43.9% YoY, but down 1% QoQ. The company's gross margin was 41.3%, up 588bps YoY and 76bps QoQ, driven by strong performances in the SEMI and SMT segments. Net profit was HKD 9.13 billion, down 8.7% YoY and 9.0% QoY, but still higher than market expectations. The company's FY2021 revenue reached a record high of HKD 219.5 billion, up 49.3% YoY, driven by strong growth in end markets such as automotive, consumer, and industrial. In 1Q2022, ASMPT reported a revenue of HKD 52.7 billion, up 21.5% YoY and down 15.1% QoY, but still above the company's 4Q2021 revenue guidance. The company's net profit was HKD 8.30 billion, up 57.1% YoY and down 15.0% QoY, and the company's order backlog was HKD 118.9 billion, with an order-to-delivery ratio of 1.34. The company's stock is currently trading at HKD 71.50, with a target price of HKD 85.25.
