BE Semiconductor Industries (BESI.AS)

研报英文原文证据摘录

BE Semiconductor Industries (BESI.AS)

Equity Research

29 June 2026 | 5:30PM BST

BE Semiconductor Industries (BESI.AS): Updating estimates and PT to

factor in the latest market trends; remain Buy

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

We update our estimates and 12M PT to reflect our incrementally positive view on

Ayo Odunaiyagrowth opportunities for BESI’s advanced packaging solutions as highlighted at the +44(20)7051-5995 |

company’s recent investor day. We remain Buy rated. Please see more details below. ayo.x.odunaiya@gs.comGoldman Sachs International

Changes to estimates

Our FY26-30 revenue estimates are higher by 1% to 15% reflecting our more

constructive view on the demand for BESI’s Hybrid Bonding (HB) tools given

faster-than-expected adoption in AI related applications (such as CPO) as well as in

consumer products. Further, we are encouraged by the product development

roadmaps of key AI accelerator players which point towards a shift to chiplet based

design in the coming years which will further boost the demand for HB tools to stitch

these components together in our view. Additionally, we also anticipate

better-than-expected growth in BESI’s mainstream packaging business as AI related

demand is acting as a tailwind for its traditional packaging portfolio. As such, our

gross profit estimates across our forecast period change between 1-15%, in-line

with our latest topline estimates. Further, we raise our EBIT estimates by 1-15%

across FY26-30 reflecting our topline and opex assumptions. As a result, our EPS

estimates change by around 1-15% through FY26-30E, reflecting our revised EBIT

forecasts.

Valuation and key risks