ASM International N.V : Excellent Q2, Q3 guidance higher than expected, visibility on Q4 – Buy rating reiterated, target price increased to € 180 (vs € 170)
>Q2 2020 results much better than expected, thanks notably to a record gross margin, favourably affected by the mix - Sales came to € 341.8m, up+5% and +32% y-o-y (excluding the dispute with Kokusai Electric), beating the consensus forecast of € 330m and our estimate of € 325m and towards the upper end of the guidance range of € 300-350m. The gross margin came to 48.3% (320bp above that in Q1 2020), a record level vs the consensus forecast of 43.6%. The group explaine...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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