ASMPT Ltd (0522.HK): First take: Record bookings; OW

3Q26 bookings exceeded guidance, supported by TCB, SMT and Photonics. Revenue beat consensus while EPS slightly missed, and the 4Q26 outlook is stronger than expected. 3Q26 bookings reached US$1,128mn, +24.7% Q/Q and +137.9% Y/Y, above prior guidance of HSD percentage growth Q/Q; SEMI bookings rose 31.3% Q/Q driven by TCB, Photonics and flip-chip solutions, while SMT bookings rose 18.9% Q/Q, its third consecutive quarterly record. Book-to-bill rose to 1.69 versus 1.43 in 2Q26 and ~1.4 MSe, a new high since 1Q21, with demand supported by AI infrastructure investment across both segments; SMT bookings included more than US$100mn of bulk orders and pull-ins. 3Q26 revenue was HK$5.25bn, +5% Q/Q and +43% Y/Y, 1% above consensus;