More substance, higher targets but a slower HB ramp than the headline suggests

研报英文原文证据摘录

More substance, higher targets but a slower HB ramp than the headline suggests

Idea

June 19, 2026 01:32 AM GMT

Morgan Stanley & Co. International plc+MBE Semiconductor Industries NV | Europe Nigel van Putten

Equity Analyst

More substance, higher targets Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

but a slower HB ramp than the Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

headline suggests Amelia M Scicluna

Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

Besi delivered more than a reiteration, raising its long-term

model and providing stronger evidence across CPO, photonics BE Semiconductor Industries NV (BESI.AS, BESI NA)

and OSAT demand. The caveat is HB timing. While the 2030 Technology - European Semiconductors | Netherlands

Stock Rating Overweight

opportunity is larger, the implied adoption path appears slower Industry View In-Line

Price target €300.00

through FY28. Shr price, close (Jun 18, 2026) €317.80

52-Week Range €328.40-105.40

Mkt cap, curr (mn) €25,203

Key Takeaways Net debt (12/26e) (mn)* €(210)

EV, curr (mn)* €25,162

Besi raised its long-term revenue model to €1.7-2.2bn, supported by AI-driven

* = GAAP or approximated based on GAAP

demand across both the traditional and advanced divisions.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Co-Packaged-Optics (CPO) was the clearest area of upside, moving from R&D Sales / Revenue 591 970 1,487 1,605

into production in record pace and helping drive the higher hybrid bonding TAM. (€mn)**

EBIT (€mn)** 173 408 717 788

The updated HB outlook is more nuanced than the headline 2030 upgrade EPS (€)** 1.63 4.30 7.73 8.53

Prior EPS (€)** - 4.47 8.00 8.36

suggests, with the implied mid-case trajectory appearing lower through FY28.