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

Abhinav Davuluri

Morningstar | ASM Benefits From Impressive Logic and Foundry Demand for Its ALD Tools; Raising FVE to EUR 50

ASM International is a semiconductor equipment vendor that specializes in atomic layer deposition, or ALD, tools, which are used by chipmakers to produce thin and conformal films on wafers with precise control of thickness and composition at an atomic level. Traditionally employed only when absolutely needed because of how costly the equipment is (and lengthy process times), ALD tools are now increasingly being used as a result of continued scaling in line with Moore’s law. Specifically, 3-D architectures in nonvolatile memory and advanced logic and foundry require layers that are highly unifo...

Abhinav Davuluri

ASM Benefits From Impressive Logic and Foundry Demand for Its ALD Tools; Raising FVE to EUR 50

ASM International reported first-quarter results that were ahead of our expectations, thanks to solid demand for its atomic layer deposition, or ALD, tools from logic and foundry customers. While wafer fab equipment spending will be significantly lower in 2019 because of considerable weakness in memory, equipment demand in logic and foundry is poised to remain healthy, particularly at the leading edge. ASM has been benefiting immensely from Intel’s capacity expansion in 10-nanometer coupled by i...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

STMicroelectronics N.V. : ODDO BHF SThe 2019 Extel* survey has just named ODDO BHF “number 1 broker on French equities” for the fourth consecutive year. It has also ranked ODDO BHF “number 5 broker on German equities”, five places higher than last year. T

...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2019 L’enquête EXTEL* 2019 vient de désigner ODDO BHF « 1er broker sur les actions françaises » pour la 4ème année consécutive. Elle classe aussi ODDO BHF « 5ème broker sur les actions allema

...

Stephane Houri ...
  • Veysel Taze

ODDO : April very close to our expectations, too soon to gauge the impact of the stepping up of the trade war on H2

>Decline of 14.6% in sales y-o-y in April (vs -13% in March) and of 5.9% excluding memories, very close to our estimates - Worldwide semiconductor sales for April 2019 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, sales in April came to $ 32.1bn, ahead of our forecast of $ 31.7bn. This represents a -14.6% decline on a full-year basis, after -13% in March. We had been forecas...

Abhinav Davuluri

Morningstar | ASM Benefits From Impressive Logic and Foundry Demand for Its ALD Tools; Raising FVE to EUR 50

ASM International is a semiconductor equipment vendor that specializes in atomic layer deposition, or ALD, tools, which are used by chipmakers to produce thin and conformal films on wafers with precise control of thickness and composition at an atomic level. Traditionally employed only when absolutely needed because of how costly the equipment is (and lengthy process times), ALD tools are now increasingly being used as a result of continued scaling in line with Moore’s law. Specifically, 3-D architectures in nonvolatile memory and advanced logic and foundry require layers that are highly unifo...

Abhinav Davuluri

ASM Benefits From Impressive Logic and Foundry Demand for Its ALD Tools; Raising FVE to EUR 50

ASM International reported first-quarter results that were ahead of our expectations, thanks to solid demand for its atomic layer deposition, or ALD, tools from logic and foundry customers. While wafer fab equipment spending will be significantly lower in 2019 because of considerable weakness in memory, equipment demand in logic and foundry is poised to remain healthy, particularly at the leading edge. ASM has been benefiting immensely from Intel’s capacity expansion in 10-nanometer coupled by i...

Stephane Houri ...
  • Veysel Taze

ODDO : April very close to our expectations, too soon to gauge the impact of the stepping up of the trade war on H2

>Decline of 14.6% in sales y-o-y in April (vs -13% in March) and of 5.9% excluding memories, very close to our estimates - Worldwide semiconductor sales for April 2019 were published at the weekend by WSTS (World Semiconductor Trade Statistics), with a month’s lag, as usual. On a three-month moving average, sales in April came to $ 32.1bn, ahead of our forecast of $ 31.7bn. This represents a -14.6% decline on a full-year basis, after -13% in March. We had been forecas...

Stephane Houri ...
  • Veysel Taze

ODDO : Avril très proche de nos attentes, trop tôt pour évaluer l’impact de l’intensification de la guerre commerciale sur la pente du S2

>Baisse des ventes yoy de 14,6% en avril (vs -13% en mars) et de 5,9% hors mémoires, très proche de nos attentes - Les ventes mondiales de semi-conducteurs d’avril 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 32,1 Md$, au-dessus de notre prévision de 31.7 Md$. Il s’agit d’une baisse en données annuelles de -14,6%, a...

Stephane Houri ...
  • Veysel Taze

ODDO : For Huawei, the threat from ARM is much more serious than Google stopping its support

>BBC reveals ARM is halting all contacts with Huawei - The BBC yesterday revealed that the processor designer ARM had requested its empoyees halt all active contracts, technical assistance and ongoing commitments with Huawei. See BBC article. But the company is a UK-based subsidiary of the Japanese group SoftBank, which acquired ARM in 2016. In theory, then, the company should be not be affected by the US decision. However, in its internal memo, ARM states that the ar...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

STMicroelectronics N.V. : ODDO BHF SThe 2019 Extel* survey has just named ODDO BHF “number 1 broker on French equities” for the fourth consecutive year. It has also ranked ODDO BHF “number 5 broker on German equities”, five places higher than last year. T

...

Bruno Cavalier ...
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/06/2019 L’enquête EXTEL* 2019 vient de désigner ODDO BHF « 1er broker sur les actions françaises » pour la 4ème année consécutive. Elle classe aussi ODDO BHF « 5ème broker sur les actions allema

...

Alain William ...
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/23/2019

...

Alain William ...
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/05/2019

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Alexandre Iatrides ...
  • Olfa Taamallah
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/21/2019

Two weeks ago, it seemed rational to tilt our allocation more towards cyclicals and away from defensives (macro, expensive nature of the growth/quality theme). Alas! Donald Trump has gotten involved, rekindling volatility and considerably reducing visibility. What can we do when the search for security is once again pushing yields down, which is favourable for long-term sectors, often synonymous with quality but too expensive? Favour the cash flow/distribution trade combined with an a...

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...

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