BE Semiconductor Industries : Mixed-bag CMD, with disappointment on HB but a bullish message on the rest
>Outperform rating maintained despite a mixed-bag CMD – target raised to € 115 - BESI’s CMD offered a mixed message, with: 1/ slower than expected penetration for hybrid bonding in smartphones and tablets (2025-2026) relative to what the group had indicated in the Q1 2023 call (2024-2025) but 2/ bullish comments on the rest (TCB opportunity ‘as important as HB’, upturn in orders expected in H2). All told, we are leaving our forecasts unchanged for 2023-2024 (slow upta...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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