Report
Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 04/10/2021

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Underlyings
AIXTRON SE

Aixtron is a provider of deposition equipment to the semiconductor industry. Co.'s technology solutions are used by customers to build components for electronic and opto-electronic applications based on compound, silicon, or organic semiconductor materials. The components are used in displays, signaling, lighting, fiber optic communication systems, wireless and mobile telephony applications, optical and electronic storage devices, computing, as well and other technologies. Co. supplies to customers both full production-scale chemical vapor deposition systems and small scale systems for research and development use.

Ams AG

AMS provides advanced sensor and analog solutions for high value and emerging markets. Co.'s markets include Consumer and Communications and Industrial, Medical, Automotive. Co. delivers a broad range of innovative technology solutions for consumer electronics and communication device manufacturers including intelligent light sensors, MEMS microphone ICs, NFC solutions, active noise-cancelling ICs and ultra-low power management solutions. Co. offers customized, application-specific integrated circuits and standard solutions for a broad range of industrial applications including automation and control, position sensors, building automation, security and high-resolution seismic analysis.

Aperam SA

APERAM is a stainless and specialty steel producer. Co. produces a range of stainless steel products and products including electrical steel (grain oriented, non-grain oriented, and non-grain oriented semi-processed steel), nickel alloys and specialties. Co. sells its products to customers on three continents in over 40 countries, including aerospace, automotive, catering, construction, household appliances and electrical engineering, industrial processes, medical, and oil & gas industries. Co. manages its business according to three operating segments: Stainless and Electrical Steel; Services and Solutions; and Alloys and Specialties.

Argan SA

Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.

ASM International N.V.

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.

ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

BE Semiconductor Industries N.V.

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.

Dialog Semiconductor plc

Dialog Semiconductor is engaged in creating and marketing mixed signal integrated circuits for personal, portable, hand-held devices, low energy short-range wireless, LED solid-state lighting and automotive applications. Co. has four segments: Mobile Systems, which includes its power management and audio chips for the wireless systems markets; Automotive and Industrial, which markets products that address the safety, management and control of electronic systems in cars and for industrial applications; Connectivity, with activities that include short-range wireless, digital cordless, Bluetooth and VoIP technology; and Power Conversion, which includes its AC/DC converter solutions.

Elmos Semiconductor SE

ELMOS Semiconductor is engaged in the development, manufacture and distribution of microelectronic components and system parts (application specific integrated circuits or, in short: ASICs) and technological devices with similar functions.Co. divides its activities into: medical technology, semiconductor, which is engaged in the sale of automotive electronics and supplying semiconductors e.g. for applications in household appliances, photo cameras, installation and building technology, and machine control systems; and micromechanics, which is engaged in the sales of product containing micro-electro-mechanical systems which are for the most part silicon-based high-precision pressure sensors.

INFINEON TECHNOLOGIES AG

Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.

Kaufman & Broad SA

Kaufman & Broad SA is a France-based property developer and builder. The Company is principally engaged in the development of single family homes and apartments, commercial real estate activity, as well as the provision of residence services for business tourists and students. The Company is involved in all stages of implementation of a development program, land research to commercialization of housing through project design, the filing of a building permit and after-sales service. The Company has operations in numerous cities in France, such as Bayonne, Bordeaux, Grenoble, Lille, Lyon, Marseille, Montpellier, Nantes, Nice, Paris, Rouen, Strasbourg, Toulon and Toulouse, among others. Furthermore, the Company provides construction of logistics platforms and warehouses. It is also operational through a number of subsidiaries, including Kaufman & Broad Pyrenees-Atlantiques, Kaufman & Broad Homes SAS, SM2I and Residences Bernard Teillaud SARL, among others.

Melexis NV

Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.

Pfeiffer Vacuum Technology AG

Pfeiffer Vacuum provides vacuum technology solutions. Co.'s products are divided into the areas of vacuum generation, vacuum measurement and analysis, installation elements, vacuum chambers and vacuum systems. It includes a range of hybrid and magnetically levitated turbopumps, oil-lubricated and drycompressing low and medium vacuum pumps, leak detectors, mass spectrometers and gauge heads. Co. manufactures vacuum chambers in cubical, cylindrical and bell-shaped designs. Co. also develops and manufactures vacuum systems for customer specific processes, such as testing components for the automotive and electronics industries, testing pressure vessels or packaging in the food industry.

Siltronic AG

Siltronic AG is a Germany-based producer of hyperpure silicon wafers. The Company offers polished wafers, epitaxial wafers and annealed wafers, among others. Its products are used for semiconductor components, including high-voltage applications, low resistivity devices in automotive engineering and telecommunications, as well as integrated microprocessors and memory modules for information processing in cell phones, laptops and other consumer goods. The Company also produces high reflectivity (HiREF) wafers, as well as PowerFZ wafers for power applications and Ultimate Silicon for complementary metal-oxide semiconductor (CMOS) applications. It operates production facilities in Europe, Asia and the United States.

Soitec SA

Soitec is a manufacturer of silicon and integrated circuits. Co. offers products based on Silicon-on-Insulator (SOI), which serves to support the manufacturing of more energy-efficient integrated circuits. Co.'s operations can be divided into three divisions: Electronics, Solar Energy and Lighting. The Electronics division manufactures and sells substrates and components intended for the microelectronics industry; the Solar Energy division manufactures and sells photovoltaic modules, designs and constructs turnkey projects, and operates photovoltaic power plants; and the Lighting division isolates resources to develop materials designed for the production of light emitting diodes.

STMicroelectronics NV

STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.

Suess Microtec AG

SUESS MicroTec SE Formerly known as Suess MicroTec AG. SUESS MicroTec SE is a Germany-based holding company (the Group) that supplies process equipment for microstructuring in the semiconductor industry. The Group operates through four segments: Lithography, Bonder, Photomask Equipment and Others. The Lithography division develops, produces and sells the mask aligner, developer, and coater product lines, as well as ultraviolet (UV) projection and laser processing product lines. The Bonder division comprises the development, production and distribution of the substrate bonder product line. The Photomask Equipment division includes the development, manufacture and sale of HMx, ASx, MaskTrack and MaskTrack Pro product lines through SUSS MicroTec Photomask Equipment GmbH & Co KG. The Others division combines further activities of the Group in the area of micro-optics and lenses and the centralized Group functions.

X-FAB Silicon Foundries SE

X Fab Silicon Foundries EV is a Belgium-based company primarily engaged in the semiconductors industry. The Company focuses on the design and manufacture of silicon wafers for mixed-signal integrated circuits (ICs). Its products are integrated with additional features, such as high voltage option, embedded non-volatile memory, optical, radio frequency (RF) and bipolar elements, as well as microelectromechanical sensors. The Company distributes silicon wafers for various applications, including automotive, industrial, medical, as well as consumer electronics and mobile communications sector. The Company operates in a number of countries, such as Germany, France, Malaysia and the United States.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Emmanuel Matot

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