11 October 2026 | 10:08AM HKT Equity Research ASMPT (0522.HK): TCB and Photonics to ride on generative AI trend; Neutral We are positive on ASMPT's advanced packaging applications, supported by technology migration toward smaller pitch and increasing applications in GPUs, ASICs and HBM. We expect revenues to grow by 5% / 3% QoQ to HK$5,172mn / HK$5,325mn in 3Q26E / 4Q26E, driven by TCB and photonics tools as well as continued AI-server demand for SMT equipment. We expect TCB demand to benefit from advanced ...