BE Semiconductor Industries NV: Thoughts post investor day

研报英文原文证据摘录

BE Semiconductor Industries NV: Thoughts post investor day

Equity Research

European Technology Hardware

19 June 2026

BE Semiconductor Industries NV

Thoughts post investor day

Besi's investor day showed how increasing packaging

complexity is improving its position. The upgraded top-line

targets may have disappointed but the company admits to BESI.AS/BESI NA EQUAL WEIGHT European Technology

Hardwarebeing conservative. At current levels a lot is reflected; hence, NEUTRAL

Price Target EUR 270.00

we stay EW with unchanged estimates. Price (17-Jun-26) EUR 310.10

Potential Upside/Downside -12.9%

Hybrid bonding adoption Source: Bloomberg, Barclays Research

Besi raised the low scenario for installed hybrid bonding (HB) systems to 1150, reflecting better

visibility of initial HB adoption across leading customers. The mid case of c1750 is driven European Technology Hardware

primarily by HBM adoption from 2027, while the high case of 2200 reflects broader proliferation Simon Coles, CFA

+44 (0)20 3555 4519across mobile and emerging devices. Management was clear that the upgrades this year vs 2025

simon.coles@barclays.com

were driven by co-packaged optics (CPO), reinforcing its importance in the medium‑term Barclays, UK

outlook. At the same time, near‑term demand is supported by continued logic adoption, while

HBM provides a step‑up from 2027. We do feel that nearer term expectations were pushed out Thomas Wu

+44 (0)20 7773 4104even if 2030 estimates were increased as the adoption curve continues to steepen.

thomas.wu@barclays.com

Barclays, UK

FIGURE 1. Besi hybrid bonding installed base estimates (number of FIGURE 2. Besi installed base estimates over time (number of tools) -

tools) low case

2,200 1,400

2,000

1,200 1,800

1,600 1,000

1,400

800 1,200

1,000 600

400 600

400 200

0 0