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

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19 : Un ‘flash crash’, avant une flash recovery?

Nous révisons drastiquement notre scénario 2020 sur le marché des semi-conducteurs à -10% vs +5%. Celui-ci va s’effondrer au T2. Bien que nous croyions (sur ce secteur au moins) au scénario d’une reprise en V (prévision 2021 relevée à +13% vs +8%), le newsflow négatif reste à venir. Certains segments (automobile, industrie) seront plus impactés que d’autres (réseaux, serveurs, stockage…). Nous révisons en moyenne nos BPA 2020e de -37%, 2021e de -24% et nos OC de -27%. En découlen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19 : Un ‘flash crash’, avant une flash recovery?

Nous révisons drastiquement notre scénario 2020 sur le marché des semi-conducteurs à -10% vs +5%. Celui-ci va s’effondrer au T2. Bien que nous croyions (sur ce secteur au moins) au scénario d’une reprise en V (prévision 2021 relevée à +13% vs +8%), le newsflow négatif reste à venir. Certains segments (automobile, industrie) seront plus impactés que d’autres (réseaux, serveurs, stockage…). Nous révisons en moyenne nos BPA 2020e de -37%, 2021e de -24% et nos OC de -27%. En découlen...

Alan Vandenberghe ...
  • Cedric Duinslaeger
  • Guy Sips
  • Joachim Vansanten
  • Marcel Achterberg
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Dynamic Top Pick List : Update

Today we update our Dynamic Top Pick List : • We ADD : Barco and HAL Trust • We KEEP : AB Inbev, Ahold Delhaize, ArgenX, ASM International, D’Ieteren, Flow Traders, UCB, VGP, WDP, Agfa, Basic-Fit, Fugro, Orange Belgium, Recticel and Sipef The month of March was characterised by the COVID-19 outbreak and a sharp market correction. The stocks on our list went down 17.85% but outperformed the BEL20 and the SXP5 by over 3%. We underperformed the AEX by 2.35%. The best performance was from Flow Traders (+26.5%) and the worst performer was Fugro (-53.7%). Since inception, we are out/underperformin...

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19: A ‘flash crash’, before a flash recovery?

We have drastically revised our scenario for growth of the semiconductor market in 2020 to -10% vs +5%. We believe it is set to collapse in Q2. Although we expect (in this sector at least) a V-shaped recovery (2021 forecast raised to +13% vs +8%), the negative news flow is still to come. Some segments (automotive, industry) will be harder hit than others (networks, servers, storage, etc.). On average we have revised down our 2020e EPS forecasts by -37% and those for 2021 by -24%,...

Guy Sips ...
  • Marcel Achterberg
  • Ruben Devos
  • Wim Hoste

Morning Note: ASML NA, BAR BB, BPOST BB, FLOB BB, REC BB

ASML: Covid-19 Pre-announcement, SBB paused Barco: Pay for the cash, Clickshare, DC and get rest for free bpost: BoD proposes to cancel final dividend payment Floridienne: Nice FY19 results thanks to Life Sciences division Recticel: Withdraws FY guidance on COVID-19

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. ...

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19 : Un ‘flash crash’, avant une flash recovery?

Nous révisons drastiquement notre scénario 2020 sur le marché des semi-conducteurs à -10% vs +5%. Celui-ci va s’effondrer au T2. Bien que nous croyions (sur ce secteur au moins) au scénario d’une reprise en V (prévision 2021 relevée à +13% vs +8%), le newsflow négatif reste à venir. Certains segments (automobile, industrie) seront plus impactés que d’autres (réseaux, serveurs, stockage…). Nous révisons en moyenne nos BPA 2020e de -37%, 2021e de -24% et nos OC de -27%. En découlen...

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19 : Un ‘flash crash’, avant une flash recovery?

Nous révisons drastiquement notre scénario 2020 sur le marché des semi-conducteurs à -10% vs +5%. Celui-ci va s’effondrer au T2. Bien que nous croyions (sur ce secteur au moins) au scénario d’une reprise en V (prévision 2021 relevée à +13% vs +8%), le newsflow négatif reste à venir. Certains segments (automobile, industrie) seront plus impactés que d’autres (réseaux, serveurs, stockage…). Nous révisons en moyenne nos BPA 2020e de -37%, 2021e de -24% et nos OC de -27%. En découlen...

Alan Vandenberghe ...
  • Cedric Duinslaeger
  • Guy Sips
  • Joachim Vansanten
  • Marcel Achterberg
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Dynamic Top Pick List : Update

Today we update our Dynamic Top Pick List : • We ADD : Barco and HAL Trust • We KEEP : AB Inbev, Ahold Delhaize, ArgenX, ASM International, D’Ieteren, Flow Traders, UCB, VGP, WDP, Agfa, Basic-Fit, Fugro, Orange Belgium, Recticel and Sipef The month of March was characterised by the COVID-19 outbreak and a sharp market correction. The stocks on our list went down 17.85% but outperformed the BEL20 and the SXP5 by over 3%. We underperformed the AEX by 2.35%. The best performance was from Flow Traders (+26.5%) and the worst performer was Fugro (-53.7%). Since inception, we are out/underperformin...

Emmanuel Matot ...
  • Stephane Houri

ODDO : COVID -19: A ‘flash crash’, before a flash recovery?

We have drastically revised our scenario for growth of the semiconductor market in 2020 to -10% vs +5%. We believe it is set to collapse in Q2. Although we expect (in this sector at least) a V-shaped recovery (2021 forecast raised to +13% vs +8%), the negative news flow is still to come. Some segments (automotive, industry) will be harder hit than others (networks, servers, storage, etc.). On average we have revised down our 2020e EPS forecasts by -37% and those for 2021 by -24%,...

Guy Sips ...
  • Marcel Achterberg
  • Ruben Devos
  • Wim Hoste

Morning Note: ASML NA, BAR BB, BPOST BB, FLOB BB, REC BB

ASML: Covid-19 Pre-announcement, SBB paused Barco: Pay for the cash, Clickshare, DC and get rest for free bpost: BoD proposes to cancel final dividend payment Floridienne: Nice FY19 results thanks to Life Sciences division Recticel: Withdraws FY guidance on COVID-19

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2020

The coronavirus epidemic will have a negative impact on macroeconomic growth. This obvious fact, which is hard to quantify, must be taken into account. On an initial approach, we retain a GDP growth assumption of 2.6% (-30bp) for the global economy, 1.7% for the US (unchanged) and 0.9% (vs 1.2%) for the eurozone. This implies a downward revision to EPS growth 12m out, which we now forecast at -1% (vs +3% previously and the consensus at +7.1%). We are lowering our December 2020 target...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/03/2020

L’épidémie de coronavirus aura des effets négatifs sur la croissance macroéconomique. Cette évidence, dure à quantifier, doit être prise en compte. En première approche, nous utilisons une hypothèse de croissance de PIB monde de 2.6% (-30 pb), 1,7% pour les Etats-Unis (inchangé) et de 0,9% (vs 1.2%) pour la zone Euro. Ceci implique une révision en baisse de la croissance BPA 12m à -1% (vs +3% précédemment et consensus à +7,1%). Nous abaissons notre objectif décembre 2020 (Stoxx 600) ...

Charles Lepetitpas ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/03/2020

...

Charles Lepetitpas ...
  • Emira Sagaama
  • Emmanuel Matot
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/03/2020

The recent correction has opened up opportunities. We have calculated an impact of -5% on Q1 2020 EBIT from COVID-19. Above all, we think: i/ organic growth momentum will remain higher than the sector’s; ii/ the acquisitions model is intact; and iii/ the issue with the EBIT margin, which is still north of 15.5%, must not be overestimated. Buy rating maintained. Cf. equity report published last evening. - ...

Charles Lepetitpas ...
  • Emira Sagaama
  • Emmanuel Matot
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/03/2020

La correction récente offre des opportunités. Nous avons calculé un impact COVID-19 de -5% sur l’EBIT T1. Surtout, nous estimons que : i/ la dynamique de croissance organique va rester supérieure à celle du secteur, ii/ le modèle d’acquisitions est intact et iii/ l’enjeu sur la marge d’EBIT, qui reste supérieure à 15.5%, ne doit pas être surestimé. Achat maintenu. Cf. étude publiée hier soir. - ...

ASM INTERNATIONAL reduced its risk exposure resulting in an upgrade to Slightly Positive

ASM INTERNATIONAL (NL), a company active in the Semiconductors industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date January 21, 2020, the closing price was EUR 122.95 and its potential was estimated at EUR 129.10.

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...

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