Infineon Technologies AG : The inventory correction may be over, but we do not yet have the recovery needed for a real re-rating
>Neutral rating confirmed despite the optimistic comments on the end of the inventory correction - Based on the group’s Q1 2020 results (link to our initial comment), with: 1/ still-lacklustre activity in the automotive segment (sales short of expectations and BtB still below one), 2/ an improvement in some industrial segments (IPC), more markedly in consumer (microphones for smartphones in PMM, for example), 3/ higher-than-forecast margins (thanks to a € 36m one-off ...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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