ASM International: Back-end loaded growth expectations bear more risks in the current context (
ASM International: (UNDER REVIEW vs. BUY, Fair Value UNDER REVIEW)Back-end loaded growth expectations bear more risks in the current context
Yesterday, ASM International posted Q2 revenue of EUR208.7m (+31.3% seq., -2.7% yoy), 4% short of consensus, with underlying EBIT that came at EUR38.3m (EBIT margin of 18.4%) vs. consensus at 17.7% thanks to higher GM than expected. The Q3 guidance and the management expectations for the full-year imply back-end loaded sales that bear more risks in our view considering the current context of uncertain and volatile memory investments in addition to a strained macro environment between the US and China. Pending the earnings call, we put our FV and recommendation Under Review.
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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