ASM Provides Weaker 2016 Outlook; Shares Fairly Valued Relative to EUR 33 Estimate
ASM International reported second-quarter results that were slightly above management’s guidance and our expectations. However, forward guidance for both sales and orders implies considerable weakness, particularly regarding the shift from planar NAND to 3-D NAND flash memory. We note that ASM’s expertise in atomic layer deposition, or ALD, is more prevalent in advanced DRAM manufacturing rather than 3-D NAND. Shares fell toward our unchanged EUR 33 fair value estimate, and we are thus recommend...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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