ASM INTERNATIONAL: Remains our favourite call | BUY - Top Picks | EUR135 vs. EUR130 (+14%)
ASM INTERNATIONAL - BUY - Top Picks | EUR135 vs. EUR130 (+14%)Remains our favourite call
Strong performance of ALD in 2019 set to continue in 2020
Promising memory outlook for ASMI in 2020 relative to market
Positive comments around gross margin development
We increase our Fair Value to EUR135
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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