ASM International N.V : Positive rating reiterated despite negative momentum in memory segment
>We remain positive following a one-day roadshow - We held a 1-day roadshow with ASMi. We reiterate our positive recommendation even though overall conditions in the semiconductors industry are ‘complex’, with the sector naturally slowing down after two years of rapid growth (see our note from 13 August - Click here to download the document ) combined with negative signals from the memory segment (one-third of the semis market). ASM International remains the leading p...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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