Credit Lyonnais downgrades ASM Pacific annual profit forecast by 32%

ASM Pacific Technology (0522) released its interim earnings report yesterday with profit backpedaling 62% to HK$200 mln. Credit Lyonnais was not surprised at the results, pointing out that the operation situation of the company in Q3 would further deteriorate. Accordingly, the fund house downgraded the annual profit of ASM Pacific in 2001 by 32% and meanwhile downgraded its target price by 2% to HK$9.8 and set its rating at ¡§sell¡¨. The stock closed at HK$12.8 yesterday.

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