ASM International N.V : Another fine set of results. Target price increased to € 490
>Q3 results clearly above expectations - ASMi yesterday evening reported higher-than-expected Q3 2021 results. Sales came to € 432m, beating the consensus forecast of € 424m, up 4% q-o-q and 38% y-o-y. The gross margin came to 47.2% vs the consensus forecast of 46%. Note that the group had forecast a decline vs Q1 at 49.5% and Q2 at 48% due to the sale in Q3 of evaluation systems. We note that this decline is less marked than the consensus anticipated. Operating profi...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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