Report

AMS AG : Semiconductors industry is no good space for leverage

>Initiation of ams' coverage on the credit side with a Reduce reco - We initiate the credit coverage of ams with a Negative credit opinion due to the potential jump in leverage in case of a successful offer on OSRAM Licht AG.We adopt a Reduce recommendation on the two convertible bonds (2022 in USD and 2025 in EUR): though they display optically attractive yield-to-maturity levels of above 6% (in line with yields observed for straight bonds officially rated ...
Underlying
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.

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.

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