ASM International: Too much uncertainties in the short-term
ASM International: (NEUTRAL vs. BUY, Fair Value EUR62 vs. EUR65 (+29%))Too much uncertainties in the short-term
Yesterday morning, we published our first take on ASMI’s Q2 results, which were below our estimates. We had put our Fair Value and recommendation Under Review pending the earnings conference call in order to assess the confidence the company had. Management's comments were not convincing, it still seeing very low visibility while guidance calls for challenging Q4 sales growth. As such, we believe the risks associated with a volatile and uncertain memory market and macro tensions outweigh the quality of ASMI’s leadership in ALD and upside potential in the short-term. We have cut our FV from EUR65 to EUR62 and downgrade our recommendation to Neutral.
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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