ASMPT provides investors with exposure to long-term high-growth themes such as the proliferation of semiconductors in autos and industrial “Internet of Things,” as well as artificial intelligence and high-performance computing, through the leading global equipment supplier in assembly and packaging and surface-mount technology. The high-tech nature of the equipment supply industry provides barriers to new entrants and allows most incumbents to earn above the cost of capital returns over the long term, with ASMPT being no exception. We expect the company to continue to make strategic acquisitions in related areas where it can plug technology holes and add value through investment.