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...
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...
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
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