Technology risk in ASMPT's back-end equipment segment. A highly volatile semiconductor equipment market. Profitability could weaken because of increasing competition. Established market position and long operating record in the semiconductor equipment industry. Improving product diversity. Highly volatile cash flows due to industry volatility. More aggressive dividend payout than peers'. Low debt leverage. Improving financial flexibility with limited short-term borrowing and abundant cash reserves. The stable outlook reflects our view that ASM Pacific Technology Ltd. (ASMPT) will maintain its satisfactory market position and brand recognition in the semiconductor equipment market. We estimate the company's EBITDA margin to remain 15%-18% over the next 12 months. We also expect ASMPT's debt-to-EBITDA ratio to remain below 2x, given the company's high cash balance and
