reports
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Le prochain enabler de la loi de Moore, ...
BESI sera, selon nous, l’équipementier avec la plus forte croissance en Europe (multiplication du BPA par 4 en 4 ans). Avec ~90% de PdM dans l’hybrid bonding, il est idéalement positionné sur la technologie, peut-être, la plus prometteuse du secteur depuis l’introduction de l’EUV par ASML. Le consensus buy-side nous semble désormais (trop) prudent sur le rythme d’adoption de l’HB, laissant de la place à de bonnes surprises. De plus, la reprise cyclique s’approche sur le back-end (T2/T3 25 selon ...
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : The next enabler of Moore’s Law, as were...
In our view, BESI will be the equipment manufacturer showing the strongest growth in Europe (EPS multiplied by 4x in 4 years). With ~90% market share in hybrid bonding, it is ideally positioned on what is perhaps the most promising technology in the sector since ASML introduced EUV. The buy-side consensus now seems (too) cautious to us on the pace of the adoption of hybrid bonding, leaving room for positive surprises. Moreover, the cyclical upturn is approaching on the back-end (Q2/Q3 2025 in ou...
- Pierre FerraguÊ
Gen AI Big Idea Series - Chipletz CEO Bryan Black - Smart Substrate & ...
We hosted the fourth session of our Gen AI Big Idea series last week. We had a fantastic conversation with Bryan Black, CEO of Chipletz. We delved into the journey to panel-level chips, their applications, and the emerging ecosystem supporting them.
- Pierre FerraguÊ
- Pierre FerraguÊ
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- 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
- 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...
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Konrad Zomer
AI AIR LIQUIDE SA
EDEN EDENRED SA
EQNR EQUINOR ASA
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BN DANONE SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
SW SODEXO SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
BEI BEIERSDORF AG
KER KERING SA
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- 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
- 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
- Hilde Van Boxstael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- 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...
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Q3 order intake expected < forecasts, bu...
>Disappointment on order intake likely but the risk/reward becomes more attractive, in our view - Target price of € 160 (vs € 200), Outperform reiterated - BESI is due to publish its Q3 2024 results on 24 October. Whilst we are relatively cautious in the run-up to this publication (we are 18% below on order intake for Q3 and have revised down our 2025e EPS estimate by 10%), we think that the share’s recent performance already reflects the anticipated disappointment (...
- Martin Marandon-Carlhian
- Stephane Houri
BE Semiconductor Industries : Vers des commandes T3 < aux attentes mai...
>Une déception sur les commandes est probable mais le risk/reward devient plus attractif, selon nous – OC de 160 € (vs 200 €), opinion Surperformance réitérée - BESI publiera ses résultats T3 24 le 24/10. Si nous sommes relativement prudents à l’approche de cette publication (nous sommes 18% en dessous sur les commandes T3 et révisons en baisse de 10% le BPA 25e), nous pensons que le parcours récent du titre reflète déjà l’anticipation d’une déception (baisse de ~30% ...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 3Q24 results strong, membership ingrowth ahead, on track to FY24 outlook. BE Semiconductor Industries: 3Q24 preview - a mixed picture. CM.com: 3Q24 trading update – in the right direction. Coca-Cola Europacific Partners PLC: No more pussyFTSEing around. Exor: Once-in-a-decade launch of Ferrari's next flagship supercar. Signify: 3Q24 Preview, prolonged market weakness. Staffing sector: Manpower 3Q24 results a slight miss, 4Q24 outlook weak and well below. WDP: Results in ...
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