ASMI : ASMI benefits from a more favourable mix in WFE spending | NEUTRAL | EUR55 vs. EUR45 (+25%)
ASMIASMI - NEUTRAL | EUR55 vs. EUR45 (+25%)
ASMI benefits from a more favourable mix in WFE spending
Current spending mix more favourable to ASMI
However, momentum in foundry/logic set to dim in H2
Margin expansion limited in 2019 and capex to remain high
We raise our Fair Value and keep our Neutral recommendation
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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