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Pierre FerraguÊ
  • Pierre FerraguÊ

Technology Infrastructure Earnings Wrap-up – Week ending November 1st

As always, during earnings season, we wrap-up what happened in the previous week.

Daniel Ives ... (+4)
  • Daniel Ives
  • John Katsingris
  • Sam Brandeis
  • Steven Wahrhaftig
Pierre FerraguÊ
  • Pierre FerraguÊ

Hynix, LAM, Besi, Tesla, Auto cycle, Enterprise AI, and more: Tech Wee...

As always, during earnings season, we wrap-up what happened in the previous week.

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

BE Semiconductor Industries : Momentum becomes more favourable

>Outperform recommendation and € 160 target price maintained - Despite guidance for Q4 that was weaker than expected (linked to delays to the delivery of HB systems), BESI's share price gained 6% yesterday. Whilst we have revised down our EPS 2024 estimates by 6%, these delays were solely linked to logistics issues and were not structural in nature, hence the lack of any revision to our 2025 forecasts. Aside from this element, it is the doubling of clean-room capaci...

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

BE Semiconductor Industries : Le momentum redevient plus favorable

>Opinion Surperformance réitérée, OC maintenu à 160 € - Malgré une guidance T4 plus faible qu’attendu (liée à des retards de livraison de systèmes HB), le titre BESI était en hausse de 6% hier. Si nous révisons en baisse les BPA 24e de 6%, ces retards sont uniquement liés à des problématiques logistiques et n’ont rien de structurels, d’où l’absence de révision sur 2025. Au-delà de cet élément, c’est le doublement de capacité en salle blanche qui a rassuré sur la dyna...

Pierre FerraguÊ
  • Pierre FerraguÊ
Pierre FerraguÊ
  • Pierre FerraguÊ

LAM 1FQ25: China set to decline; outlook for 2025still positive. Maint...

LAM reported 1FQ25 last night. Please click the link below for our take on the print.

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

BE Semiconductor Industries : Q3 2024 orders well below the consensus,...

>Q3 2024 14% below consensus on orders, but slightly above our expectations - BESI reported its Q3 2024 results which were globally above expectations but well below on orders (although slightly above our expectations). Orders were € 152m, up 19% y-o-y due to increased orders for hybrid bonding but down 18% q-o-q primarily due to fluctuations in hybrid bonding order patterns by customers (Intel ordered 26 systems in Q2). They were 14% below the consensus at € 176m but...

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

BE Semiconductor Industries : Q3 2024 orders well below the consensus,...

>Q3 2024 14% below consensus on orders, but slightly above our expectations - BESI reported its Q3 2024 results which were globally above expectations but well below on orders (although slightly above our expectations). Orders were € 152m, up 19% y-o-y due to increased orders for hybrid bonding but down 18% q-o-q primarily due to fluctuations in hybrid bonding order patterns by customers (Intel ordered 26 systems in Q2). They were 14% below the consensus at € 176m but...

Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Hot Chocolate. Azelis: 3Q24 not flawless, but organic growth is back. BE Semiconductor Industries: 3Q24 results, putting its money where its mouth is. Ebusco: Rigorous turnaround plan, but many liquidity related concerns; recommendation moves to Under Review. GBL: Looking to take vitamins. Kinepolis: Solid 3Q24 attendance, in line, confident in the movie outlook for 4Q24, 2025. Ontex: Guidance Stumble. Unilever: Momentum maintained. Vastned: End of the disposal program, wa...

Daniel Ives ... (+4)
  • Daniel Ives
  • John Katsingris
  • Sam Brandeis
  • Steven Wahrhaftig
Daniel Ives ... (+4)
  • Daniel Ives
  • John Katsingris
  • Sam Brandeis
  • Steven Wahrhaftig
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