BE Semiconductor Industries : Le prochain enabler de la loi de Moore, comme ont pu l’être ASML/ASMi
BESI sera, selon nous, l’équipementier avec la plus forte croissance en Europe (multiplication du BPA par 4 en 4 ans). Avec ~90% de PdM dans l’hybrid bonding, il est idéalement positionné sur la technologie, peut-être, la plus prometteuse du secteur depuis l’introduction de l’EUV par ASML. Le consensus buy-side nous semble désormais (trop) prudent sur le rythme d’adoption de l’HB, laissant de la place à de bonnes surprises. De plus, la reprise cyclique s’approche sur le back-end (T2/T3 25 selon nous) et son ampleur est historiquement sous-estimée. Nos estimations de BPA 25/26 se situent ~15% au-dessus du consensus. Nous relevons notre OC à 170 € et réitérons notre opinion Surperformance.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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