ASM International N.V : Q1 2019 above expectations, ASMi should meaningfully outperform the equipment market – Buy, target price upgraded to € 65 vs € 60
>Q1 2019 new orders, sales and results above expectations - Q1 2019 new orders totalled € 235m, driven by foundry and logic well ahead of the consensus of € 210m and the guidance of € 200-220m. Revenue came in at € 249m, -2% q-o-q above the consensus of € 235m and the guidance of € 225-245m. The gross margin reached 41.3% (vs 41.7% in Q4 2018), below consensus of 41.9%. EBIT came to € 47m, above the consensus of € 43.3m, i.e. an operating margin of 18.9% (consensus of...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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