Ok, have made another tests

.
LRM cluster ammo :
HE pen = 20, Heat Pen = 10
Target = packed M1A2
HE bombardement :
Almost 50% of Top hit.
Penetration is changing from 0 to 20 vs HEAT armor factor with no "angle of attack" correction.
You have some kills vs hard target but side, front or rear hit will also penetrate softer target like moderne IFV or older tanks.
AP bombing :
50% of top hit
Penetration is changing from 0 (rarely) to 21 (

)with a lot of result between 10 to 14. The problem is the "angle of attack" used for top hit. Is generaly 70° and rarely lower of 30° (looks like a strafing aircraft). The result is a to hight armor factor. Increasing the Penetration will probably fixe that but conduct to have "overkill" against softer target because side or front hit have a lot of angles < 30%
