ASM International N.V : Amidst a shortage of chips, much more capacity will be needed – Outperform rating reiterated, target price raised to € 280 (vs € 220)
>Capex momentum remains excellent (foundry/logic + memory) - The context has rarely been so favourable with the severe shortage of chips in the automotive sector, but not only that. To cope with the situation, semiconductor manufacturers are stepping up their investments. TSMC has guided 2021 capex of $ 25bn-28bn (+40%) and is getting ready for 3nm in H2 2022. Samsung is unlikely to be left behind. Intel continues to invest in current nodes (10nm) to maintain its mark...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.
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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