Technology
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.
Edition: 163
- 23 June, 2023