Analyse aandeel ASM International

ASM International heeft gewerkt aan het verlagen van zijn kosten. Niettemin is het cyclische karakter van de chipindustrie en de industrie die machines voor halfgeleiderproductie maakt en het gebrek aan schaalgrootte van ASMI een risico voor de onderneming. (rapport Engelstalig)  

Peter Wahlstrom, CFA 01 mei, 2014 | 0:25

INVESTMENT THESIS

ASM International operates in the front end of the semiconductor equipment industry, and holds a 40% stake in major back-end chip equipment player ASM Pacific Technology, or ASMPT. Front-end tools are used by chipmakers to fabricate circuits on semiconductor wafers, while back-end tools are used to assemble and package individual chips into their usable form.

ASM is competitive in certain segments of the front-end market, but the business has seen limited profitability over the years. ASM's competition includes Applied Materials and Tokyo Electron, two major chip equipment companies. With vastly greater scale and resources than ASM, these firms have advantages in areas such as research and development spending, overhead expense absorption, and pricing. However, ASM's focus on cutting-edge, front-end tools should position the firm to benefit from advances in semiconductor manufacturing technology. ASM has been spending substantial sums on R&D to ensure that its tools will be competitive for future nodes, and has made progress. The firm now has leading tools in certain niches and is a key supplier of atomic layer deposition equipment and plasma enhanced atomic layer deposition equipment, which are increasingly being adopted by chipmakers for state-of-the-art chip fabrication processes.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Advanced Micro Devices Inc82,42 USD-5,20
Applied Materials Inc113,93 USD-7,23
ASM International NV227,60 EUR1,29
ASML Holding NV474,95 EUR0,32
Intel Corp60,40 USD-4,42

Over de auteur

Peter Wahlstrom, CFA  Peter Wahlstrom, CFA, is an associate director with Morningstar.

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