Back-end packaging and bonding equipment
ASMPT
A Hong Kong-listed global back-end equipment maker, a key supplier alongside Kulicke & Soffa in the HBM/advanced-packaging shift to TC bonding. It newly won SK Hynix HBM4 TC-bonder orders, splitting volume with Hanmi Semiconductor, and its customers span memory makers and OSATs including Samsung, ASE and Amkor. Tied directly to the back-end capacity cycle, the pace of HBM generational change decides results.
0522.HK Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, ASMPT is directly linked to 5 companies (1 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 10 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue HK$14.52bn (+9.8%), bookings HK$14.98bn. Advanced Packaging $532M (+30.2%), record TCB +146%
- Segments · TCB/Packaging
Revenue from
- SK hynix High confidence· Supply share ~50% · HBM4 2026 · SK HBM4 TC bonder orders
The core buyer of SK Hynix HBM4 TC bonders — about half of current order volume, shared with Hanmi. The HBM4 ramp is the direct engine of ASMPT's growth.Mentions EN ASMPT / Analyst Published Mar 4, 2026: ASMPT 2025 annual results — AI back-end growth, record TCB (Buy, HK$122 target)Confirms EN ASMPT / HKEX Published Feb 28, 2025: ASMPT 2024 audited annual results announcement (HKEX 0522) - Amkor Technology Medium confidence
OSAT Amkor sources back-end packaging tools — tied to advanced-packaging capacity expansion.Mentions EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer) - Samsung Electronics Medium confidence
Samsung's HBM lines source TC bonders — a demand point that keeps both memory leaders as customers.Confirms KO ZDNet Korea Published Apr 13, 2026: Samsung Electronics evaluates ASMPT HBM TC bonders... supply chain diversification continuesMentions KO The Korea Economic Daily Published Jan 21, 2026: Samsung seeks new TC bonder suppliers... in supply talks with ASMPT after Semes - ASE Technology Medium confidence
ASE, the largest OSAT, sources packaging tools — a large demand point in the OSAT capacity cycle.
Pays to
- Kulicke & Soffa Low confidence
Buys some bonding equipment/parts from Kulicke & Soffa — a dual rival-and-buyer relationship, competing in HBM TC bonding while still sourcing certain tools. - precision motion, optical & alignment modules (undisclosed) Low confidence
Buys precision motion, optics and alignment modules for bonders (undisclosed).Mentions EN ASMPT / HKEX Published Feb 28, 2025: ASMPT 2024 audited annual results announcement (HKEX 0522) - bonder subsystems & control (undisclosed) Low confidence
Outsources thermocompression heads and control subsystems (undisclosed).Mentions EN ASMPT / HKEX Published Feb 28, 2025: ASMPT 2024 audited annual results announcement (HKEX 0522)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| ASMPT | node | -29 | -12.4 | +21.8 | -4.8 | +47.6 | +82 |
| Kulicke & Soffa | benef1 | +92.4 | -25.8 | +25.5 | -13.2 | -0.3 | +150.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
A back-end equipment maker forming a duopoly with K&S in the HBM/advanced-packaging shift to TC bonding, tied directly to the HBM capacity expansion of the memory trio. The thesis is HBM4 — it newly won SK Hynix HBM4 TC bonders (about half of current orders), sharing volume with Hanmi, with Samsung's HBM lines also a demand source. Risks are the volatility of the back-end capex cycle and HBM generational pace, plus the standard-setting race with K&S and BESI in hybrid bonding. In graph terms, memory HBM investment transmits into ASMPT bonder orders.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 0 · Sell 0 · Avg. target HK$100 · Price HK$187.9 (07-10) · Upside -47%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Overweight | HK$100 | Oct 22, 2025 | Report ↗ |
Morgan Stanley and Macquarie raised targets on AI-driven structural growth in advanced packaging (TCB), reinforcing the buy consensus.