ASMPT’s new CEO confirms that the focus of advanced packaging strategy remains unchanged and TCB business becomes a growth engine (J.P. Morgan)
J.P.
J.P. Morgan released a report stating that ASMPT announced that Bassel Haddad will be the new CEO in August. The company's core strategy will continue to focus on advanced packaging and plans to exit low-synergy businesses such as SMT. Investors were generally positive about the appointment. The research report emphasizes that the company's TCB (thermocompression bonding) business has strong growth momentum and is expected to occupy 30-35% of the flux-free TCB market share of a leading customer in South Korea. This growth is mainly due to the expansion of China's advanced packaging production capacity and the recovery of demand in many fields. Market expectations may not have fully factored in the company's leading position in the HBM4E technology iteration. J.P. One-sentence conclusion: ASMPT’s strategic focus in the advanced packaging field and the strong growth of its TCB business have made it a key beneficiary in the AI computing hardware supply chain. The appointment of a new CEO has eliminated market uncertainty. Positive/negative: Positive for ASMPT (0522.HK). The current stock price may have partially reflected the new CEO appointment and industry trends, but the further expansion of TCB's market share and HBM4E technology progress are key catalysts that have not yet fully priced in. Catalysts: 1) The impact of the weakening macro environment on the recovery of mainstream semiconductors in 2026; 2) Competitors' follow-up on HBM4E fluxless TCB technology; 3) The progress of the company's SMT business divestiture.