BE Semiconductor Industries [Publication Heading]
In this note we highlight the opportunities for the back end market and Besi. We believe that the back end market will outperform current expectations due to more and higher value bonding steps. Besi is well positioned to benefit from this trend. However, we lower our forecast in the short term given the current weakness in the end markets. Nevertheless, our long term forecasts remain stable as we observe a shift towards more advanced chips from which Besi will benefit. This results in a small adjustment in our Target Price from € 143 to € 144, while our accumulate rating is maintained. The negative sentiment due to DeepSeek is already reflected in the share price.BE Semiconductor Industries N.V. (Besi) is a holding company. The Company is engaged in the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. It operates through three segments: Die Attach, Packaging and Plating. It develops assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a range of end user markets, including electronics, computer, automotive, industrial and solar energy. The Company offers products, such as Die attach equipment, which include single chip, multi-chip, multi module, flip chip, thermo-compression bonding (TCB) and enhanced wafer level ball grid array (eWLB) die bonding systems, and die sorting systems; Packaging equipment, which include wafer level molding and singulation systems, and Plating equipment, which include metal plating systems and related process chemicals.
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