ASM International Even the donkey says A.I., why we prefer ASMi
In this note, we revisit the key dynamics discussed during ASMi's CMD. We also outline why ASMi remains our preferred pick within the semiconductor sector and provide additional context on the risks related to China. In our view, current WFE market estimates remain elevated, largely driven by optimism surrounding hyperscalers CapEx. However, our analysis of the recent announcements confirms that AI related investments have a meaningful impact on WFE demand, yet this impact should not be overestimated. We slightly raise our valuation, now based on a 27x multiple applied to our 2027 diluted EPS forecast of €21.0, resulting in a target price of €567 and reiterate our Accumulate rating.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.
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