ASM INTERNATIONAL: ASMI is gaining share at foundry and logic while memory is still on the work | BUY - Top Picks | EUR80 vs. EUR65 (+21%)
ASM INTERNATIONAL - BUY - Top Picks | EUR80 vs. EUR65 (+21%)ASMI is gaining share at foundry and logic while memory is still on the work
Logic and foundry to support healthy revenues beyond Q3
Share in memory should not improve materially in the near-term
Still some room for improvement in gross margin on the long run
We increase our FV from EUR65 to EUR80
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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