ASMPT (00522) climbed more than 4% during early trading on Friday, with shares last up 3.83% at HK$160, recording a turnover of HK$218 million.

According to data from SEMI, global semiconductor equipment shipments rose 23% year-on-year in the second quarter, as downstream wafer fabs continued to expand capacity and procure supporting equipment such as optical inspection tools.

Industry analysts point out that global wafer fab capital expenditure is advancing steadily. Domestic semiconductor equipment makers are intensifying efforts to break through into core front-end processing tools, while component supply chains are gradually maturing, fueling continued progress in local substitution.

In a research note, Kaiyuan Securities highlighted that ASMPT is a major beneficiary of the AI infrastructure capex cycle, which is reshaping the equipment market landscape. The company holds a strong technology position in critical bonding equipment for HBM and CoWoS, and is expected to see simultaneous gains in both orders and market share, offering both sector beta and stock-specific alpha. With traditional back-end equipment and SMT businesses both recovering in tandem, the company reported sustained operating revenue of HK$4.936 billion for 2026 Q2—up 52.1% year-on-year—and net profit attributable to shareholders of HK$418 million, a 177% increase. As the revenue mix shifts toward advanced packaging and scale efficiencies take hold, the firm appears well-positioned for potential gains in both earnings and valuation multiples, a scenario often described as a Davis double-play.