BE Semiconductor Industries : Un CMD contrasté, entre déception sur l’HB et message bullish sur le reste
>Opinion Surperformance réitérée malgré un CMD contrasté – OC relevé à 115 € - Nous retenons un message contrasté lors du CMD avec 1/ une pénétration plus lente qu’attendu de l’hybrid bonding dans les smartphones et tablettes (2025/26) par rapport à ce qui avait été indiqué au call T1 23 (2024/25) mais 2/ des commentaires bullish sur le reste de l’activité (opportunité TCB ‘aussi importante que l’HB’, reprise des commandes attendue au S2). Au final, nous maintenons n...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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