ASM International Poised for Strong 2017; Shares Overvalued Relative to Unchanged FVE
ASM International reported first-quarter results at the high end of its guidance, led by the memory segment. Orders for the firm’s atomic layer deposition tools were driven primarily by logic and foundry demand related to the upcoming 10-nanometer process node, which we expect to dominate results for the remainder of the year. While DRAM spending was understandably modest, this was the first quarter that 3-D NAND ALD sales reached the 10% threshold. As customers increase the layer count of futur...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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