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Chipbedrijf ASMI profiteert van sterke vraag
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op dinsdag 28 juli 2020
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FINANCIAL HIGHLIGHTS EUR million Q2 2019 Q1 2020 Q2 2020 New orders 373.1 333.5 298.0 Net sales 363.3 325.1 341.8 Gross profit margin % 59.0 44.5 48.3 Operating result 150.2 78.1 87.6 Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 2.0 0.7 10.7 Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.4) (3.5) (3.3) Net earnings 121.6 74.1 74.1 Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 125.0 77.6 77.4 • New orders were €298 million. • Net sales for the second quarter 2020 were €342 million and increased 5% compared to the previous quarter. • Gross profit margin was 48.3% in Q2 2020 compared to 44.5% in the previous quarter, due to an exceptionally strong mix. As a consequence operating result was €88 million compared to €78 million in the previous quarter. • Normalized net earnings for the second quarter 2020 decreased slightly to €77 million compared to Q1 2020. Results from investments increased to €11 million. Net earnings were impacted by currency translation results which changed from €12 million positive in Q1 to €6 million negative in Q2. • Note that the Q2 2019 results included the patent litigation settlement of €103 million with Kokusai which positively impacted the results and new orders. COMMENT “Having joined as new CEO following the AGM on May 18, I’m pleased to report that ASM continued to deliver strong results in Q2,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “I’m impressed by the way all our employees responded to the pandemic. While prioritizing health and safety, our team showed strong commitment and creativity to make sure we continue to serve our customers in the best possible way. Supply chain and logistical conditions resulted in operating challenges during Q2, but started to improve towards the end of the quarter as lockdown measures and transport restrictions have gradually been lifted in especially Asia Pacific and Europe. In Q2 we realized sales of €342 million, at the high end of the guidance of €300-350 million, up 5% from the level in Q1 and 32% above the level in Q2 of last year (excluding the proceeds of the patent litigation settlement in that period). The sales level was driven by continuous high demand in the logic/foundry segment. Our Q2 order intake, at €298 million, was slightly higher than the midpoint of our guidance of €280-310 million. Supported by an exceptionally strong mix in the quarter, our gross margin increased, for the first time in history, to a level of 48%.” OUTLOOK For Q3, on a currency comparable level, we expect sales of €300-320 million. Q3 bookings, on a currency comparable level, are expected to be in the range of €280-300 million. Based upon the current market developments we expect the wafer fab equipment (WFE) market to grow with a mid- to high single digit percentage in 2020. Our Q4 sales are expected to be at least at the same level as in Q3, hence we expect to outgrow the WFE market in 2020. SHARE BUYBACK PROGRAM The execution on the €100 million share buyback program, announced on February 25, 2020, has started on June 2, 2020, and will end as soon as the aggregate purchase price of the common shares acquired by ASMI has reached €100 million, but ultimately on November 17, 2021. On June 30, 2020, 6.9% of the program was completed at an average share price of €119.16. ASMI further announces that the withdrawal of 1.5 million treasury shares, as earlier approved by the AGM 2020, has become effective as of July 21, 2020. As of that date, the number of issued shares is 49,797,394.
Volgens mij ziet ook het asmi verhaal er prima uit,maar als we nu weer zien hoe het besi verging vandaag,na een bak prachtige cijfers;eerst een rally naar +5,8%,daarna een valpartij naar -0,5%,gelukkig toch nog een kleine plus op het eind! Mijn snappertje is te klein om zulke ongecontroleerde schommelingen te begrijpen! Hopenlijk gaat van asmi gelden;eind goed,al goed,dat hebben ze zeker verdient,want de chipcijfers zijn gewoon veel beter dan de rest!!
Ja dus..zo is de waardering ook. Denk niet dat de koers hierdoor structureel zal gaan stijgen
Denk dat asmi prima gewaardeerd is nu. De onderwaardering is eruit (asml is klasse apart). Het orderboek is licht lager, dus groei op korte termijn is niet te verwachten.
Solide resultaat ondanks corona
Asmi zal dit jaar meer groeien dan gemiddels.....is dat niet voldoende in deze coronatijd?
Niet als je >15x ebitda gewaardeerd bent, dan moet je sterke groei laten zien. Het orderboek is de kanarie in de kolenmijn.
Ach, asml en asmi mooi gewaardeerd maar Besi dat ieders verwachting overtreft doet niets op die cijfers?? De beurs is vreemd zo niet raar!!
Besi verwacht een omzetdaling volgend kwartaal...
Makita schreef op 28 juli 2020 21:06 :
Besi verwacht een omzetdaling volgend kwartaal...
Asmi ook, en Besi is altijd vrij conservatief.
Wat men ook vind je moet ze beiden in je porto hebben ze stellen hun prestaties tot heden nog steeds niet teleur. Ze maken alleen maar veel winst waar andere aandelen niet aan kan tippen.
Wat men ook vind je moet ze beiden in je porto hebben zowel ASMI als BESI. Ze hebben tot heden de beleggers niet teleur gesteld. Het zijn de betere aandelen die tot heden flink aan de weg timmert met flinke winst.
Kijken wat vannacht asmpt doet
TSMC is ook aantrekkelijk nu Intel moeite heeft om de laatste technologie chips zelf te maken en die bij TSMC gaat inkopen. TSMC is met Samsung de enige die de laatste 7nm en kleinere chips kan maken (mbv ASML eUV machines). TSMC steeg eergisteren 12% om gisteren 7.6% te dalen. Mooi instapmoment.
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