Advance packaging momentum and margin expansion persist in 2022
- 1Q22 revenue increased 21.5% y-o-y to HK$ 5.3bn, in line with management guidance
- SEMI and SMT margins expanded 0.68ppt and 3.31ppt y-o-y mainly due to the higher mix of automotive solutions
- Book-to-bill ratio rebounded to 1.34x to support 2Q22 revenue
- Maintain BUY due to semiconductor players’ CAPEX growth and DPS CAGR of c.12% in FY21-24; TP at HK$138