BESI will reports its 1Q25 results on Wednesday, 23 April. After the recent tariff turmoil, we again push-out our cyclical recovery. We now expect a relatively moderate cyclical recovery in 2026. We continue to be very positive on the long-term hybrid bonding opportunity. We believe that eventually we will see an aggressive adoption in chiplet architecture which will drive a jump in hybrid bonding demand. Given the industry-wide push for chiplets and BESI's leading HB portfolio, we see a very hi...
A director at Samsung Electronics sold 667 shares at 53,700.000KRW and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
In this sector note we take a close look at the semiconductor universe and go over end market dynamics, semi manufacturing trends and the impact on the WFE market. We provide detailed overviews of historical market trends and short term adjustments. We show that lower demand from China is a real risk for the WFE market, as we don't expect the non-China WFE revenues will increase with 28% y/y in 2025, which CSS implies. Our analysis shows a clear 10% risk on WFE estimates based on fundamentals, e...
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