Infineon Technologies AG : Still too soon, some inventory consolidation is required
>Neutral recommendation reiterated - The Q2 2019 earnings report did not bring any major surprises regarding the guidance (sales of € 8bn and operating margin of 16%) after the warning at the end of March, but the management’s tone remains cautious (see our initial comment). Faced with demand that remains flat, the group will have to manage the level of inventories by reducing production, which will weigh on margins in the short term. Once inventories have returned t...Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
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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