Argenx : 3Q20 conf call feedback BESI : EPS upgrade of 5% / continue to outperform peers Deceuninck : Earnings model revised up after solid 3Q Econocom : 9M20: Continued Covid drag; strategic update delay Gimv : Continues to rejuvenate its portfolio Orange Belgium : Another earnings beat / outlook unchanged
BE SEMICONDUCTOR - BUY | EUR45(+14%) Keeps executing well on profitability; interesting new collaboration with AMAT Strong level of gross margin Guidance is in line on revenue but beats consensus on profitability Besi’s leadership to strengthen with a new collaboration with AMAT
Semiconductors & Hardware Positive momentum for chip sales; we upgrade Infineon to Buy and ASMI to Conviction Buy ASMI is a “Conviction Buy†Better recovery than expected for chip sales Strong demand for xEV in Q3; Infineon upgraded to Buy SMIC, next casualty after Huawei?
BE SEMICONDUCTOR - BUY | EUR42 vs. EUR37 (+8%) Even brighter long-term prospects Confirmation of Besi’s unique position Recent changes in the industry supply chain are positive for Besi Some room for positive surprise in the short term We increase our fair value from EUR37 to EUR42
BE SEMICONDUCTOR | BUY vs. NEUTRAL | Under Review Impressive results with a hint of where gross margin could be heading Stronger-than-expected demand with an impressive margin level Positive momentum in gross margin continuing in Q3 A hint at where gross margin could be heading in the future Upgrade to Buy
BE SEMICONDUCTOR - NEUTRAL vs. BUY | EUR35(+6%) It’s time to take a break A year of strong recovery held back by COVID-19 Management has again proven strong operational discipline Opportunities in 2021 remain intact Despite all the positives, risk/reward ratio is no longer attractive
BE SEMICONDUCTOR - BUY | EUR35(+6%) Solid Q1 results but mixed feeling regarding Q2 guidance Results well above expectations despite expected headwinds Order intakes confirm recovery for Besi Guidance of Q2 is shy of our estimates at mid-range
Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi Semiconductor stocks posted excellent share price return in 2019 Mobile set to be a key driver, especially for equipment in Q1 2020 ASMI and Besi our Top Picks for Q1 Lowest surprise potential for Infineon and Soitec
AB InBev: Offer to acquire remaining CBA stake ABN Amro: A -7% miss, heavy provisions and DFC costs Aedifica: 1Q19-20 results Agfa: More value should be allocated to ‘Assets for Sale’ Argenx: € 502m in gross proceeds from the global offering Befimmo: Buys CBD office in Brussel Bekaert: Preview 3Q trading update and CMD BESI: TP raised to € 38 on higher estimates Fugro: Seabed Geosolutions sells last of OBC business Heijmans: € 65m project win and Dutch nitrogen update Kiadis: ATIR10...
BE SEMICONDUCTOR - NEUTRAL | EUR24(-24%) Good Q3 results and guidance but the environment remains soft for Besi Both revenue and profitability above expectations Bookings dynamic remains weak Guidance broadly in line with consensus
The semiconductor market is increasingly unlikely to recover before 2020 and we expect 2H19 guidance to be poor: we do not anticipate equipment spending in memory to recover this year. However, ASML’s EUV and ASMI’s ALD give them better visibility and growth profiles than most peers, and that makes them our favourites in the sector, while it appears to be too early to buy a BESI back-end recovery. In automotive semis we currently prefer Melexis over XFAB, as it offers a better risk/reward ba...
BE SEMICONDUCTOR - NEUTRAL | EUR23(-16%) Still a challenging environment for Besi with no short-term catalysts The market has stabilized but remains challenging for Besi A month away from having clearer visibility for smartphones Future opportunities from Intel and 5G not before 2020/2021 We are making no change to our rating and FV
BE SEMICONDUCTOR - NEUTRAL vs. BUY | EUR23 vs. EUR27 (+2%) Besi seems fairly valued in the current environment Assembly market to decrease by 12.5% in 2019 Slowing investment in China, but relatively low impact on Besi Profitability level to remain solid going forward
BE SEMICONDUCTOR - BUY | EUR27(+22%) Solid Q4 2018 but Besi is not spared from the current environment Q4 results well above street’s expectations on higher profitability Low level of orders during the quarter Unfavourable environment resulting in weak forecast Still a unique position and potential opportunities ahead
BE SEMICONDUCTOR - BUY vs.NEUTRAL | EUR27 vs. EUR28.5 (+71%) Recovery is under way The assembly market is expected to be down in 2019 Besi is preparing for the next round of investments The worst seems behind us and valuation is not demanding
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