ASM INTERNATIONAL: We continue to see potential catalysts going forward | BUY | EUR105 vs. EUR85 (+15%)
ASM INTERNATIONAL - BUY | EUR105 vs. EUR85 (+15%)We continue to see potential catalysts going forward
Investment pull-ins from foundry and Logic continues
Encouraging comments around memory potential in 2020
We continue to see potential catalysts going forward
We maintain our Buy rating and increase our FV to EUR105
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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