ASMPT Limited: An Obscure Upstream Semiconductor Company With 98% Bookings Growth In Q2

ASMPT Limited demonstrates robust growth, with 23% revenue and 536% EPS growth, positioning itself as a standout upstream semiconductor play. Bookings surged 98% and revenue 52% in H1 '26, with Q3 '26 revenue projected to rise 46% YoY, highlighting strong forward momentum. SEMI and photonics segments drive profitability, with SEMI's 21% margin and photonics transceiver revenues tripling, while SMT provides balanced revenue conversion. Despite a China-heavy revenue mix and OTC liquidity issues, ASMVY offers attractive value relative to peers, warranting a Buy rating for those able to access the HK listing.