BE Semiconductor: 2Q26 First Take: Strong reported orders and guidance of continued order momentum are key positive indicators

研报英文原文证据摘录

BE Semiconductor: 2Q26 First Take: Strong reported orders and guidance of continued order momentum are key positive indicators

Sandeep Deshpande AC Europe Equity Research

(44-20) 7134-5276 23 July 2026 J P M O R G A N

sandeep.s.deshpande@jpmorgan.com

Investment Thesis, Valuation and Risks

BE Semiconductor (Overweight; Price Target: €342.00)

Investment Thesis

BE Semiconductor (Besi) is a leading supplier of die placement, bonding and wafer level

packaging equipment catering to the semiconductor industry. It is the market leader in

hybrid bonding, a next-generation packaging technology that is poised for widespread

adoption. AMD and Intel are known customers, with Nvidia and the major HBM suppliers

evaluating the technology for next-generation chips. The indications are that the technology

is on the cusp of “take-off”.

Valuation

We value Besi based on ’28 estimates as Besi’s stock is mostly driven by its longer-term

dynamics – namely the adoption of hybrid bonding technology in high-volume

applications. Besi’s forward P/E has expanded steadily over the past few years, driven by

the company’s increasingly positive outlook given the importance of advanced packaging

for AI related products. While the 5Y trading range of Besi implies an average forward P/E

of 32x, the stock has traded consistently above 34x in the last two years with an average

multiple of 39.7x reflecting the multiple expansion from improved outlook and imminent

‘take-off’ of hybrid bonding. Hybrid bonding is a game-changing technology in advanced

packaging and Besi has been the only company so far able to deliver and execute on this

technology, a situation akin to that of ASML during the adoption of EUV technology. In that

period, we observed a similar multiple expansion for ASML. ASML traded consistently