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