ASM ASM International N.V.

ASM INTERNATIONAL N.V. ANNOUNCES THE RETIREMENT OF CFO PETER VAN BOMMEL

ASM INTERNATIONAL N.V. ANNOUNCES THE RETIREMENT OF CFO PETER VAN BOMMEL
EN
13/10/2020

Underlying

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Reports on ASM International N.V.

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri
Marc Hesselink ... (+3)
  • Marc Hesselink
  • CFA
  • Thymen Rundberg

ASM International/High visibility, high reward/BUY

ASM International is mostly exposed to secular technological shifts, which makes it relatively resilient to the ongoing downcycle. In our view, its key drivers are the shift to GAA, shrinkage and the use of new materials. We expect all of these to remain strong and, as such, ASM should continue to strongly outperform the sector. We reiterate our BUY rating but lower our target price to €650 (from €750) following lower near-term estimates. ASM International is on the ING Benelux Favourites list.

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