reports
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : A fresh acceleration in semiconductor sales in August, mainly t...
>A fresh acceleration to worldwide semiconductor sales in August at +20.6% y-o-y (vs +18.7% in July) - Worldwide semiconductor sales in August 2024 were published by the WSTS (World Semiconductor Trade Statistics) with the usual one-month lag. On a three-month moving average, sales came to $ 53.1bn, ahead of our forecast of $ 52bn. This represents a sequential increase of 3.5% and +20.6% y-o-y, after +18.7% in July. At the regional level, sales from one year to the n...
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Stephane Houri
ODDO : Nouvelle accélération des ventes de semiconducteurs en août, pr...
>Nouvelle accélération de la croissance des ventes mondiales de semis en août à +20.6% yoy (vs +18.7% en juillet) - Les ventes mondiales de semiconducteurs d’août 2024 ont été publiées par WSTS (World Semiconductor Trade Statistics), avec (comme toujours) un mois de décalage. En données lissées (moyenne de 3 mois), elles ressortent à 53.1 Md$ au-dessus de notre prévision à 52 Md$. Il s’agit d’une hausse séquentielle de 3.5% et annuelle de 20.6% après 18.7% en juillet....
AMS AMS AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BON BONDUELLE SCA
ELIS ELIS SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Bruno Cavalier
- Jerôme Bodin
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2024
Last week we held our fourth ODDO BHF Iberian Forum. The event was fully virtual and took place on October 1 and 2. With 62 Iberian issuers, close to 200 institutional investors and c. 800 meetings, this is one of the largest dedicated Iberian conferences held this year. This note brings together 49 feedback documents, with 5 target price revisions (o/w 3 downward revisions) and a rating downgrade on Pharma Mar. The main subjects of debate were i/ the trend in final demand in the con...
AMS AMS AG
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
UBI UBISOFT ENTERTAINMENT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
ICAD ICADE SA
01913 PRADA S.P.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- ING Helpdesk
- Rolf Bulk
Semicap sector update: 2025 rebound excessively anticipated. We stay ...
WFE spending will grow 5% this year, with Chinese spending hiding a full cyclical downcycle in the rest of the world. Consensus forecasts 2025 in line with the 4Q24 run-rate and up nearly 20% vs. 2024; we see downside risk and expect 2025 growth, but only in the low-teens. Beyond 2025, visibility is still low. Multiples have compressed in absolute terms and relative to semis, but with likely negative revisions in revenue and earnings in 2025 there could be further downside. We see no reason to...
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Thibault Leneeuw
ASML Affordable stock in a less costly sector, valuation update
In our last note we highlighted that ASML was relative cheap in a costly sector. Over the past months multiples in the sector contracted and the premium of ASML increased. Nevertheless, is the premium of ASML still relative low. Therefore, we expect that ASML will outperform the sector. Furthermore, we see upside based on 2025 multiples and our DCF based valuation is in line with the current valuation. We increase our rating from Hold to Accumulate as we expect ASML to outperform the sector and ...
- Sharad Kumar S.P
Texaf €250K Investment In Afriwise & Partnership ST Digital
Texaf has invested €250K as part of Afriwise's in its latest financing round. Afriwise is an AI-driven legal platform for African and Middle Eastern markets. Afriwise will establish a team who will work out of Silikin Village and will focus on expanding the company's database of African laws and regulations. Additionally, ST Digital, a leading African cloud services provider, will expand in the DRC by partnering with the OADC Texaf – Kinshasa data centre. This will help ST Digital cater to the g...
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q24
We publish today our comprehensive quarterly bible: 224 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
ANET ARISTA NETWORKS INC.
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
8035 TOKYO ELECTRON LTD.
2GB 2G ENERGY AG
KLAC KLA CORPORATION
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
MBLY ASML HOLDING NV
AMD MOBILEYE NV
AAPL ADVANCED MICRO DEVICES INC.
MSFT APPLE INC.
AVGO MICROSOFT CORPORATION
SOH1 BROADCOM INC.
BESI SOITEC
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
BSIB BE SEMICONDUCTOR (SWISS)
WOLF WOLFSPEED INC
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
ARMH ARMEYSKI HLDG AD
- ING Helpdesk
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2024
Holcim Europe could ultimately be the most appealing equity story of the Holcim group’s spin-off project. We think that, for the group’s new management, the distribution of an exceptionally high dividend will be the favoured means for a rapid revaluation of Holcim Europe. We estimate it at CHF 2.0-2.2 for a dividend yield of 7-8% at the current price. We think that under the aegis of Miljan Gutovic, the new CEO, a significant refocusing of Holcim Europe’s assets will be implemented i...
- Arnaud Autier
- Marc Lavaud
- Pierre Tegner
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2024
Holcim Europe pourrait finalement être « l’equity story » la plus attractive du projet de scission du groupe Holcim. Nous pensons que la distribution d’un dividende exceptionnellement élevé constituera, pour le nouveau management du groupe, le moyen privilégié pour une revalorisation rapide de Holcim Europe. Nous l’estimons entre 2.0 CHF et 2.2 CHF soit un dividende yield de 7/8% au cours actuel. Sous la houlette de Miljan Gutovic, le nouveau CEO, un recentrage important des actifs de...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Yes there is less visibility on the real landing for 2025, but ...
>Following a roadshow, we maintain our Outperform rating, but have lowered our forecasts for 2025-2026 by 8-9% and our target price to € 1,150 (vs € 1,300) - Following a roadshow with Marcel Kemp (Head of IR Europe), we confirm our Outperform rating. The long-term story of structural technological domination in the semiconductor industry looks fully intact. However, the recent less favourable newsflow has impaired visibility on 2025, although the group is maintaining ...
- Martin Marandon-Carlhian
- Stephane Houri
ASML : Certes il y a moins de visibilité sur l’atterrissage réel de 20...
>Suite à un roadshow, nous réitérons notre opinion Surperformance, mais abaissons nos prévisions 25/26 de 8/9% et notre OC à 1 150 € (vs 1 300 €) - Suite à un roadshow avec Marcel Kemp (Head of IR Europe), nous réitérons notre opinion Surperformance. La trame long terme de domination technologique structurelle dans l’industrie des semi-conducteurs nous semble totalement préservée. Mais, le newsflow récent moins favorable a réduit la visibilité sur 2025, même si le gro...
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Texaf 1H FY24: Strong Execution Across Core Businesses
Rental revenue came in at €12.5m, up 9.4% thanks to the launch of a portion of the project ‘Promenade des Artistes' of which 69 apartments (85%) were let during 1H. On a like-for-like basis, rental revenue grew by 3.8% while achieving almost full occupancy (97%). During 1H, Silikin Village Phase III (6,000sqm of furnished offices) was also made operation and 95% of private office spaces have been let already. Despite a difficult market, Carrigres booked revenues of €2.8m, up 2.5% compared to pre...
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