Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

ull Note Here Besi raised its LT-revenue guidance to €1.7bn-€2.2bn (midpoint of €1.95bn) which

is 14.7% above the prior mid-point of the company’s guidance. Associated with this increase in guidance, the company raised

the number of Hybrid Bonding (HB) tools implied in that guidance from 960–2,000 systems to 1150–2200 systems by 2030.

This is an increase of 16.7% from the mid case (which is not the midpoint of the low and high case). So the increase in the

guidance is very much led by Hybrid Bonding. At the same time, the mainstream market was also indicated to grow driven by

AI/datacenter demand for photonics and 2.5D/CoWoS packaging for HPC chips. Though Besi raised HB guidance at the

event by 190/250/200 tools in the Low/Mid/High cases, the co. did not increase estimates for its TC Next business where they

have achieved traction. Given the strength in end markets, there could be upside in the HB business itself. Thus the company

has left ammunition for another potential raise in ‘27. We maintain our Overweight rating on the stock. The stock looks

expensive, but with HB adoption in HBM imminent and the company a key beneficiary from co-packaged optics as well as

optical transceivers, earnings momentum is likely to be strong and thus it is too early to be cautious in our opinion.

2. Comet Holding -Remain Overweight: Earnings upside with relatively undemanding multiple- Craig A McDowell Read Full

Note Here We update our forecasts for Comet, reflecting a more positive view on the WFE upcycle and Comet’s ability to

capture growth in the rising market. Our estimates are now at the top of the mid-term guidance targets issued at the November