Technology

Report by AceCamp International

AceCamp’s industry surveys show that TSMC has not decided to adopt TCB for the packaging of interposer on substrate in CoWoS for 3nm chips due to a relatively low yield rate and throughput. Similarly, Hynix is reviewing TCB but has not decided to adopt it for HBM3.5 in 2025/26. AceCamp expects ASMPT's orders to decline 33-50% q/q in 2Q23 due to weakening demand for industrial, automotive, and smartphones. The stock is trading at 25.7x/24.7x/22.2x 2023-25 PE, but sees the stock falling to 15-16x 2023/24 PE given -49%/+4%/+11% y/y EPS in 2023-25. Negative catalysts flagged include substantial order declines, market share loss and the shift to hybrid bonding.