ASM International N.V.

ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
  • TickerASM
  • ISINNL0000334118
  • ExchangeEuronext Amsterdam
  • SectorTechnology Hardware & Equipment
  • CountryNetherlands

Analysts

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2019

...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Worldwide sales for September 2019: The memory segment remains weak, but the market (excl. memory) continues to improve

>Worldwide sales for September were lower than we expected, but the market is nonetheless improving at -14.4% y-o-y vs -15.6% in August - Worldwide semiconductor sales for September 2019 were reported at the weekend by WSTS (World Semiconductor Trade Statistics), as usual with a month's lag. On a three-month moving average, sales came to $ 35.6bn, short of our $ 36.7bn forecast. This nonetheless marks an improvement compared to August as the year-on-year trend was -14...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Ventes mondiales de septembre 2019 : Les mémoires restent faibles, mais l’amélioration du marché (hors mémoire) continue

>Ventes mondiales de septembre inférieures à notre prévision, mais néanmoins en amélioration à -14,4% yoy vs -15.6% en août - Les ventes mondiales de semi-conducteurs de septembre 2019 ont été publiées ce week-end par la WSTS (World Semiconductor Trade Statistics), comme d’habitude avec un mois de décalage. En données lissées (MM3 – Moyennes Mobiles 3 mois), elles ressortent à 35,6 Md$, inférieures à notre prévision de 36,7 Md$. Il s’agit néanmoins d'une amélioration ...

ING
Marc Hesselink, CFA

ASM International/Ticking all the boxes/BUY

ASM's exposure to leading edge logic/foundry, will in our view, continue to result in strong sector outperformance for the coming quarters. After a very strong 3Q19 we increase our target price to €120/share (from €90). We reiterate our Buy and ASM remains an ING Benelux favourite as we see further room to beat expectations, an attractive valuation, and significant room for cash returns. We see wild-card upside triggers in a further sell-down of the 25% stake in ASM PT or interest from the larger deposition players in ASM's front-end business.

Frederic Yoboue

ASM INTERNATIONAL: We continue to see potential catalysts going forward | BUY | EUR105 vs. EUR85 (+15%)

ASM INTERNATIONAL - BUY | EUR105 vs. EUR85 (+15%) We continue to see potential catalysts going forward Investment pull-ins from foundry and Logic continues Encouraging comments around memory potential in 2020 We continue to see potential catalysts going forward We maintain our Buy rating and increase our FV to EUR105

Frederic Yoboue

ASM INTERNATIONAL: ASMI continues to impress with solid Q3 results and a great outlook despite tough comps | BUY | EUR85(-9%)

ASM INTERNATIONAL - BUY | EUR85(-9%) ASMI continues to impress with solid Q3 results and a great outlook despite tough comps Solid Q3 results with revenues above the high end of guidance Once again, striking guidance both for revenue and bookings Tailwinds from 7nm and 5nm continue for ASMPT We expect a strong reaction by the stock

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2019

...

Emmanuel Matot ...
  • Fehmi Ben Naamane
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2019

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Martial Descoutures
  • Matthias Desmarais
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/11/2019

...

Alain William ...
  • Christophe Chaput
  • Emira Sagaama
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/31/2019 Date Performance since listing Date Performance since listing

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ASM INTERNATIONAL with less fundamental stars is reduced to Neutral

ASM INTERNATIONAL (NL), a company active in the Semiconductors industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date August 6, 2019, the closing price was EUR 71.84 and its expected value was estimated at EUR 62.56...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Frederic Yoboue

SEMICONDUCTORS BG Technology Conference 2019

On March 14th and 15th, we hosted six semiconductor companies, namely ASMI, Besi, Dialog, Infineon, Soitec, and STMicroelectronics. We found the overall message as reassuring even though the tone was still on the cautious side. We key findings and conclusions relate on Besi (Neutral, FV EUR23), Infineon (Buy, FV EUR22.5), Soitec (Buy, FV EUR85) and STMicroelectronics (Buy, FV EUR19).

MarketLine Department

Lam Research Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Lam Research Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Lam Research Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Stick with leadership: U.S., EM, and Hong Kong Amid the continued heightened volatility and consolidation, global support levels continue to hold and our long-term bullish outlook remains intact. Stick with outperforming markets: U.S., EM, and Hong Kong. • MSCI ACWI internals remain healthy. The MCSI ACWI price and advance-decline (A-D) line uptrends remain intact. This positive breadth signal helps support our bullish outlook... see below • Hong Kong and EM remain leadership, maintain overweights; Within EAFE, favor small-caps. EM relative strength is advancing to yet another new high vs. ...

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