01.03.2023
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ASMPT Announces 2022 Annual Results:
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Q4 2022 Revenue Above Guidance,
7th Consecutive Quarter of Gross Margin above 40%
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Group Performance at a Glance
Group Financial Highlights for Q4 of 2022
Group Financial Highlights for FY 2022
Revenue Guidance for Q1 2023
Full Results Announcement and Investor Presentation available from /investors/financials-results/
(Hong Kong, 1 March 2023) — ASMPT Limited (“ASMPT” / the “Group”/ the “Company”) (Stock code: 0522), a leading global provider of hardware and software solutions for the manufacture of semiconductors and electronics, announced its annual results for the year ended 31 December 2022. The Group managed to record its second-highest annual revenue and bookings , coming on the heels of a record revenue performance during the ‘super-cycle’ year 2021. In addition, the Group’s Q4 revenue was above guidance, and it delivered gross margin above 40% for the seventh consecutive quarter. These were achieved despite 2022’s challenging macroeconomic environment.
Group FY 2022 Highlights
“The Group delivered a resilient performance in 2022 despite macroeconomic uncertainties,” said Mr. Robin Ng, Group CEO. “Our unique broad-based portfolio continues to be a key competitive advantage for us, enabling us to mitigate industry cycles. Across our SEMI and SMT segments, our portfolio provides us with a volume-based business for mainstream and applicative tools, and the ability to drive the development of our high-growth, high-margin advanced tools, including w88 online casinosoftware solutions. We believe our ability to progressively integrate and optimise our overall solutions suite is unparalleled and will continue to stand us in good stead as we thrive and compete in the market.”
SMT – Stellar Performance
The Group’s SMT segment had a strong performance for 2022, achieving record annual segment revenue, with its annual percentage share of Group bookings also at a record level. This growth was powered by the segment’s strong presence in Automotive and Industrial end market applications, with these markets contributing close to half of its total revenue. There was strong demand for its high-end placement and printing tools, especially from Europe and the Americas.
Automotive – Record Revenue
The Group’s comprehensive range of Automotive solutions are gaining traction by addressing both current and future market needs. The Group’s laser singulation, sintering and SMT placement solutions saw demand growth with more top-tier customers added. The Group’s solutions have also been increasingly serving pure Electric Vehicle (“EV”) players, including fast-growing Chinese EV players. On the back of fast-growing Automotive electrification trends, the Group’s Automotive end market applications contributed a record of approximately US$515 million to its 2022 revenue, up 20% YoY. Automotive end market applications also registered the highest proportion of Group revenue at about 21%.
Advanced Packaging (“AP”) – Packing A Punch
The Group has possibly the industry’s most comprehensive suite of AP solutions spanning both SEMI and SMT segments. AP enjoyed robust demand through 2022, contributing approximately US$500 million, or about 20% of the Group’s overall revenue. Here are some highlights:
Group Q4 2022 Highlights
The Group outperformed the market consensus, delivering revenue of HK$4.33 billion (US$553.1 million), a slight decline w88 sports bettingof 5.1% QoQ but exceeding the top end of the revenue guidance of between US$455 million to US$525 million issued in the previous quarter’s results announcement.
Bookings of HK$3.12 billion (US$398.0 million) declined 40.6% YoY due to a high base effect in 2021 and declined 14.0% QoQ due to general seasonality.
The Group delivered a gross margin of above 40% for the seventh consecutive quarter. Gross margin was 41.4%, up 8 bps YoY and 55 bps QoQ, respectively. Net profit of HK$266.6 million declined 70.7% YoY and 56.8% QoQ, including net foreign exchange losses of approximately HK$200 million.
Dividends
The Group’s Board of Directors proposed a final dividend of HK$1.90 per share. Including an interim dividend of HK$1.30 per share, the total payout for 2022 is HK$3.20 per share. The Group remains committed to its dividend policy of maintaining payouts at about 50% annually.
2023 Prospects and Q1 2023 Revenue Guidance
Feedback from the Group’s customers and insights from industry watchers indicate a general market consensus that the semiconductor sector could begin its recovery in the second half of 2023.
Looking at the Group’s business, there are some encouraging signs. The Group entered 2023 with a sizeable order backlog and it expects the majority of this backlog to be delivered in 2023. The Group also continues to see strength in the Automotive, Industrial and AP markets, supported by longer-term secular trends and continued efforts by many players to build supply chain resilience. Lastly, the Group’s unique, broad-based portfolio provides a strong foundation and key competitive advantages.
Looking at the near term, with the ongoing semiconductor downcycle and macroeconomic uncertainties, the Group expects revenue for Q1 2023 to be between US$455 million to US$525 million, a decline of 27.4% YoY and 11.4% QoQ at mid-point.
About ASMPT Limited (“ASMPT”)
ASMPT (HKEX stock code: 0522) is a leading global supplier of hardware and software solutions for the manufacture of semiconductors and electronics. Headquartered in Singapore, ASMPT’s offerings encompass the semiconductor assembly & packaging, and SMT (surface mount technology) industries, ranging from w88 online casinowafer deposition, to the various solutions that organise, assemble and package delicate electronic components into a vast range of end-user devices, which include electronics, mobile communications, computing, automotive, industrial and LED (displays). ASMPT partners with customers very closely, with continuous investment in R&D helping to provide cost-effective, industry-shaping solutions that achieve higher productivity, greater reliability and enhanced quality.
ASMPT is one of the constituent stocks of the Hang Seng Composite MidCap Index under the Hang Seng Composite Size Indexes, the Hang Seng Composite Information Technology Industry Index under Hang Seng Composite Industry Indexes and the Hang Seng HK 35 Index. To learn more about ASMPT, please visit us at /.
Forward-Looking Statements
All statements included herein, other than statements of historical facts, are or may be forward-looking statements. These forward-looking statements reflect ASMPT’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known or unknown risks and uncertainties. Accordingly, actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors. Readers should not place undue reliance on such forward-looking statements, and ASMPT does not undertake any obligation to update publicly or revise any forward-looking statements. No statement herein is intended to be or may be construed as a profit forecast.
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For media enquiries:
Lim Ee Guan Director, Corporate Communications Tel: +65 6450 1445 Email: eg.lim@asmpt.com
On behalf of ASMPT: Strategic Financial Relations Limited Mandy Go / Vivienne Leung / Christina Cheuk Tel: 2864 4812 / 2864 4862 / 2114 4979 Fax: 2527 1196 Email: mandy.go@sprg.com.hk / vivienne.leung@sprg.com.hk / christina.cheuk@sprg.com.hk
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