AMS AG : Too soon to say if the worst is behind us
>Neutral recommendation confirmed, TP trimmed to CHF 6 (from CHF 6.5) - Despite another warning, AMS shares were up 7% yesterday. In our view, this was due to three factors: 1/ the market had already anticipated downgrades (the share price was down 8% over the past month); 2/ the group announced a prepayment agreement for a contract under way (we think it could be the Apple MicroLED contract), reducing pressure on the cash situation (ND/EBITDA 2023e of 2.5x); 3/ the ...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.
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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