ASM International N.V : Ideally positioned to benefit from intense demand for semis industry capacity
>Demand still very robust, Outperform rating maintained - Following our update with Victor Bareno, Head of IR at ASMi, we confirm our view that demand for semiconductor manufacture equipment and specifically in ALD (atomic layer deposition) and epitaxy remains very solid. We still like the group’s structural growth profile across several years, operating margin levels and cash returns to shareholders (buybacks and dividend), as well as its acceptable valuation level. ...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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