Semiconductor Equipment - Berenberg Bank

More documents

Recommendations

Info

Semiconductor Equipment Technology Hardware Figure 29 shows that LAM dominates the etching market, with a 47% market share in 2012, followed by TEL, with a share of 29%. TEL may lose share in etching due to its focus on the low-growth dielectric etching market. AMAT has a 10% market share of the etching market. In 2011 and 2012, it lost 9% of its market share in the etching market, from both dielectric and silicon etching. In our opinion, winning back the lost share from LAM and Hitachi will not be easy. In the etching market, we think LAM will outperform as it has the greatest share in silicon etching. We think TEL will underperform because of its heavy exposure to dielectric etching (63% share). AMAT has a 10% share of the etching market. It generates more revenue from silicon etching than dielectric etching, and has a higher market share in silicon etching. Wafer level packaging The wafer level packaging market has doubled during the past 10 years. Its share of semiconductor capex went up from 1.7% in 2004 to 3% in 2012. The growth was mainly driven by solid TSV equipment demand, and offset by the fall in demand for contact probers, which are used in testing (see Figure 30). We expect the growth of the wafer level packaging market to remain robust, driven by 3D packaging, although this solution is still not widely adopted by chip-makers. 3D packing will gain more traction and become the key enabler for scaling after EUV’s physical limit is reached. Chip-makers will then pay more attention to 3D stacking/packaging solutions. We believe Samsung and other leading chip-makers have already started pilot production lines using 3D packaging technology. Figure 30: Wafer level packaging market trend Wafer Level Packaging market by Solution 40% 35% 30% 25% 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 Litho Tool TSV Tool Bump Processing Packaging inspection Others Source: Gartner data Figure 31: Wafer level packaging market share Lam Research 3% Rudolph Technologies 6% Ulvac 5% Source: Gartner data Others 42% Disco 15% Applied Materials 9% Tokyo Electron 3% Suss MicroTec 4% EV Group 7% Ultratech 6% 26
Semiconductor Equipment Technology Hardware SUSS is the main beneficiary of this trend because of its exposure to 3D packaging wafer bounders, which have the highest growth potential within the wafer level packaging market. AMAT might benefit to a lesser extent through its exposure to bump processing, which is experiencing slower growth than wafer bounders. TEL will not benefit from the market expansion because its market share in wafer level packing is concentrated on the declining contact probers equipment area. If Samsung or other chip-makers manages to release a high-quality showcase chip next year, the adoption rate may accelerate as its competitors will not want to miss any major chip design solution. 27
Page 1 and 2: BERENBERG EQUITY RESEARCH Semicondu
Page 3 and 4: Table of contents Shrinkage brings
Page 5 and 6: Semiconductor Equipment Technology
Page 25: Semiconductor Equipment Technology
Page 29 and 30: ASML Holding NV Technology Hardware
Page 53 and 54: ASM International NV Small/Mid-Cap:
Page 75 and 76: Suess Microtec AG Small/Mid-Cap: Te
Page 77 and 78:
Suess Microtec AG Small/Mid-Cap: Te
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Applied Materials Inc Technology Ha
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Tokyo Electron Ltd Technology Hardw
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Semiconductor Equipment Technology
Page 139 and 140:
Semiconductor Equipment Technology
show all

Semiconductor Equipment - Berenberg Bank

Create successful ePaper yourself

Delete template?

Save as template?