HK-listed semiconductor firm ASM Pacific falls on weak Q3 results

ASMPT

01/11/2019 07:34

** Shares of ASM Pacific Technology Ltd  0522.HK  fall as
much as 7.7% to HK$101.20, after the semiconductor machineries
and tools maker posts sharp fall in Q3 earnings
    ** Stock on track for the third straight session of decline
    ** Hong Kong-based firm says Q3 revenue fell 19.5% with
profit plunging 63.1%. For Jan-Sept period, revenue dropped
22.7% and net profit 80%  urn:newsml:reuters.com:*:nFWN27F1JM
    ** Company says it remains cautious of the slowdown in the
semiconductor industry and anticipates Q4 bookings fall by
double-digit percentage from the current quarter. It expects a
drop in business revenue for the full year 2019
    ** Brokerage Jefferies maintains "hold" on the stock but
trims price target to HK$98 from HK$100, saying Q3 revenue and
net profit missed forecast, while disappointing Q4 booking
reflected 5G base station demand slowdown due to design change
    ** As of Thursday's close, the stock had risen 45.4% this
year
    ** AAM Pacific has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 11.6 percentage points in the
past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
gains 0.3%, and the benchmark index  .HSI  rises 0.6%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)