BE Semiconductor Industries "A momentary blip in order momentum" (Buy)

研报英文原文证据摘录

BE Semiconductor Industries "A momentary blip in order momentum" (Buy)

Global Research

24 July 2026ab

BE Semiconductor Industries Equities

NetherlandsA momentary blip in order momentum

Semiconductors

12-month rating Buy

We reiterate our Buy rating

Besi posted a solid set of results alongside another record orderbook but the shares sold 12m price target €370.00

off on high expectations and lower than expected hybrid bonding orders. We view this

as a momentary blip in orders before a meaningful pickup in H2'26 driven by hybrid

Price (23 Jul 2026) €229.90

bonding, before wider proliferation in 2027 in CPO and Smartphone potentially likely.

With the shares down 6% on the day and >20% in the past month, we view this RIC: BESI.AS BBG: BESI NA

pullback as an attractive opportunity ahead of likely several strong hybrid bonding order

Trading data and key metrics

prints. We reiterate our Buy rating and and highlight the following three key points post

52-wk range €320.30-105.80

results:

Market cap. €17.7b/US$20.2b

1. Momentary slowdown in hybrid bonding orders Shares o/s 77.1m (ORD)

Free float 99%

We estimate that hybrid bonding orders dipped from the peak in Q1'26 but see this as a

momentary slowdown before re-acceleration in H2'26. All three memory customers Avg. daily volume ('000) 444

continue to evaluate hybrid bonding for HBM and Besi seems confident in H2'26 orders, Avg. daily value (m) €118.9

which we believe could support this pick up in momentum. We estimate there were Common s/h equity (12/26E) €0.75b

small orders for tools for CPO at TSMC in AP7, as well as an initial order of tools for AR P/BV (12/26E) 24.6x

glasses products from a Hyperscaler. Net debt to EBITDA (12/26E) NM

EPS (UBS, diluted) (EUR)

2. Strength in ex-hybrid bonding business

From To % ch Cons.