Semiconductor Equipment - Berenberg Bank

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For our disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and our disclaimer please see the end of this document. Please note that the use of this research report is subject to the conditions and restrictions set forth in the disclosures and the disclaimer at the end of this document.
Table of contents Shrinkage brings growth, but not for everyone 4 Helicopter view of the names 6 Key debates 7 Snapshot on capex trends and vendor exposures 10 How much are chip-makers spending? 12 Where are chip-makers spending? 21 Companies AMSL: The best positioned player, but priced in 28 AMS International: Front-end business undervalued 53 Suess Microtec: Small, but active in growing markets 74 Applied Materials: Recovery and growth priced in 92 Tokyo Electron: Mainly exposed to legacy markets 117 Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) 137 Contacts: Investment <strong>Bank</strong>ing 140 3
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Semiconductor Equipment - Berenberg Bank

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