ASTI

ASTI: 1Q13 net loss of $1.2m was slightly wider than expected, mainly due to higher-than-expected admin expense. Nevertheless NRA believes things could be looking up. Sees the backend eqpt solutions & technologies (BEST) business recovering sooner than expected. Notes, STATS Chippac, one of ASTI’s major customers in Singapore, recently celebrated the opening of its new building in Singapore. STATS Chippac has invested approx US$1.7b in Singapore to date, and expects to accelerate its invmts in Singapore by a further US$500m over the next three yrs. It plans to expand its Singapore workforce by 12% in 2013 from the current 2,500. The house raises FY13 revenue estimates by 6%, raises TP to $0.089 from $0.082, upgrades the stock to Overweight.