BE Semiconductor Industries : Cycle still well oriented and positive message on hybrid bonding
>Outperform opinion maintained, target price raised to € 90 vs € 85 - Following the release of the Q2 results, we are maintaining our Outperform opinion and raising our 2021-2023 EPS forecasts by an average of 6%, and our (DCF-based) target price to € 90 vs € 85. In an enduringly sustained cycle, we like the group’s positioning and believe it should continue to benefit from good momentum in the Advanced Packaging market, as well as investments by large foundries (TSMC...BE Semiconductor Industries N.V. (Besi) is a holding company. The Company is engaged in the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. It operates through three segments: Die Attach, Packaging and Plating. It develops assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a range of end user markets, including electronics, computer, automotive, industrial and solar energy. The Company offers products, such as Die attach equipment, which include single chip, multi-chip, multi module, flip chip, thermo-compression bonding (TCB) and enhanced wafer level ball grid array (eWLB) die bonding systems, and die sorting systems; Packaging equipment, which include wafer level molding and singulation systems, and Plating equipment, which include metal plating systems and related process chemicals.
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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