ASM International N.V.

ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
  • TickerASM
  • ISINNL0000334118
  • ExchangeEuronext Amsterdam
  • SectorTechnology Hardware & Equipment
  • CountryNetherlands

Analysts

Marcel Achterberg ...
  • Thomas Couvreur

Morning Note: ASM NA, ENX FP

ASM International: Higher estimates and TP, Bullish pre-announcement Euronext: Completes Nord Pool acquisition

ING
Marc Hesselink, CFA

ASM International/Ride the wave/BUY

ASM International positively surprised the market with a 4Q19 order intake that was >20% better than its earlier guidance. Today, we increase our 2020F and 2021F topline estimates by 14% and 15%, respectively. We believe that the company's exposure to leading edge logic/foundry will continue to result in strong sector outperformance for the coming quarters. We reiterate our BUY and raise our target price to €145 (from €120). ASM remains an ING Benelux Favourite.

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/15/2020

Stocks are close to the last valuation peak in 2017 whereas the growth trend has only just started to improve. We think that the trigger to top the 14x mark for the fwd 12m P/E in 2017 will come from an improvement in margins. Adecco is best placed to deliver this. We have upgraded our rating on the stock to Buy (target price CHF 71 vs CHF 50) and are maintaining our Reduce rating on Randstad (target price € 53 vs € 42). - ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/01/2020

Les titres sont proches du dernier pic de valorisation en 2017 alors que l’amélioration de la croissance est tout juste entamée. Nous pensons que le catalyseur pour dépasser le cap des 14x le PE 12m fwd de 2017 viendra de l’amélioration de la marge. Adecco est le plus à même d'y parvenir, nous passons à l’Achat (71 CHF vs 50 CHF) et conservons notre opinion Alléger sur Randstad (53 € vs 42 €). - Cf. étude publiée hier soir. - ...

Marcel Achterberg ...
  • Thomas Couvreur

Morning Note: ASM NA, ENX FP

ASM International: Higher estimates and TP, Bullish pre-announcement Euronext: Completes Nord Pool acquisition

ING
Marc Hesselink, CFA

ASM International/Ride the wave/BUY

ASM International positively surprised the market with a 4Q19 order intake that was >20% better than its earlier guidance. Today, we increase our 2020F and 2021F topline estimates by 14% and 15%, respectively. We believe that the company's exposure to leading edge logic/foundry will continue to result in strong sector outperformance for the coming quarters. We reiterate our BUY and raise our target price to €145 (from €120). ASM remains an ING Benelux Favourite.

ING
ING Helpdesk

Benelux Morning Notes

ASM International: Impressive order intake guidance beat. B&S Group: New CFO. Randstad: Preview of 4Q19 results due 11 February. Sligro: FY19 preview

Guy Sips ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Wido Jongman

Morning Note: ASM NA, CPINV BB, GLPG NA, PIC BB, TINC BB

ASM International: 4Q order intake substantially above guidance CP Invest: CiK of 1,250,376 new shares (6.13%) Galapagos: Expanded Fibrocor partnership with equity stake Picanol: No more production this week TINC: Resuming coverage

Stephane Houri

ASM International N.V : Continuing the excellent momentum – Buy rating maintained – target price raised to € 125 (vs € 120)

>Orders substantially higher than forecast, revenues slightly better - ASMi yesterday evening indicated, based on better-than-expected market conditions, that order intake in Q4 2019 had slightly exceeded € 370m, which is well ahead of the € 290/310m range that ASMI had forecast at the time of its Q3 2019 results release on 30 October 2019. Based on the preliminary figures, Q4 2019 revenues slightly exceeded the upper end of the € 310/330m range targeted. These figure...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/15/2020

Stocks are close to the last valuation peak in 2017 whereas the growth trend has only just started to improve. We think that the trigger to top the 14x mark for the fwd 12m P/E in 2017 will come from an improvement in margins. Adecco is best placed to deliver this. We have upgraded our rating on the stock to Buy (target price CHF 71 vs CHF 50) and are maintaining our Reduce rating on Randstad (target price € 53 vs € 42). - ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/01/2020

Les titres sont proches du dernier pic de valorisation en 2017 alors que l’amélioration de la croissance est tout juste entamée. Nous pensons que le catalyseur pour dépasser le cap des 14x le PE 12m fwd de 2017 viendra de l’amélioration de la marge. Adecco est le plus à même d'y parvenir, nous passons à l’Achat (71 CHF vs 50 CHF) et conservons notre opinion Alléger sur Randstad (53 € vs 42 €). - Cf. étude publiée hier soir. - ...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published this morning. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 01/06/2020

The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published today. - ...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 06/01/2020

Après avoir été pénalisés par la rotation vers les cycliques au S2, les pneumaticiens pourraient revenir en grâce en 2020 et profiter de leurs atouts (moindre sensibilité volumes, prix-mix, investissements maîtrisés, FCF…) et d’une valorisation attractive, malgré notre prudence sur les volumes (estim. -3%en moy.). Il faudra cependant rester sélectif. Nous jouons Michelin vs Continental (Large Caps) et Pirelli vs Nokian (Midcaps). - Cf. étude publiée ce jour. - ...

ASM INTERNATIONAL with less fundamental stars is reduced to Neutral

ASM INTERNATIONAL (NL), a company active in the Semiconductors industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date August 6, 2019, the closing price was EUR 71.84 and its expected value was estimated at EUR 62.56...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Frederic Yoboue

Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi

Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi Semiconductor stocks posted excellent share price return in 2019 Mobile set to be a key driver, especially for equipment in Q1 2020 ASMI and Besi our Top Picks for Q1 Lowest surprise potential for Infineon and Soitec

Frederic Yoboue

Semiconductors | Advanced packaging: don’t miss the next round

SECTOR | Semiconductors | Advanced packaging: don’t miss the next round Appetite for advanced packaging has never been so strong. Underpinned by 5G, 3D sensing, AI and HPC applications, advanced packaging services are growing four times faster than other packaging at a CAGR of more than 8%. Advanced packaging not only enables complex modules to be manufactured in a small form factor, but it also becomes essential to overcome diminishing returns on front-end technologies. Since our note issued in January 2018, we have noticed a substantial acceleration in advanced packaging roadmaps, especiall...

MarketLine Department

Lam Research Corporation - Strategy, SWOT and Corporate Finance Report

Summary Lam Research Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Lam Research Corporation required for business and competitor intelligence needs - A study of the major internal and external factors affecting Lam Research Corporation in the form of a SWOT analysis - An in-depth view of the business model of Lam Research Corpora...

Frederic Yoboue

SEMICONDUCTORS BG Technology Conference 2019

On March 14th and 15th, we hosted six semiconductor companies, namely ASMI, Besi, Dialog, Infineon, Soitec, and STMicroelectronics. We found the overall message as reassuring even though the tone was still on the cautious side. We key findings and conclusions relate on Besi (Neutral, FV EUR23), Infineon (Buy, FV EUR22.5), Soitec (Buy, FV EUR85) and STMicroelectronics (Buy, FV EUR19).

MarketLine Department

Lam Research Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Lam Research Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Lam Research Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stick with leadership: U.S., EM, and Hong Kong Amid the continued heightened volatility and consolidation, global support levels continue to hold and our long-term bullish outlook remains intact. Stick with outperforming markets: U.S., EM, and Hong Kong. • MSCI ACWI internals remain healthy. The MCSI ACWI price and advance-decline (A-D) line uptrends remain intact. This positive breadth signal helps support our bullish outlook... see below • Hong Kong and EM remain leadership, maintain overweights; Within EAFE, favor small-caps. EM relative strength is advancing to yet another new high vs. ...

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