First Read Comet 1H26 results - conference call takeaways

研报英文原文证据摘录

First Read Comet 1H26 results - conference call takeaways

Global Research

31 July 2026ab

First Read

EquitiesComet

1H26 results - conference call takeaways Switzerland

Electric Components & Equipment

12-month rating Buy

Additional details on the current demand backdrop

We expect that Comet's pronounced order growth seen especially in 2Q26 related 12m price target CHF452.00

mainly to demand from the DRAM and logic category, with NAND likely not having

contributed strongly on a year-to-date basis. Hence, we anticipate that such NAND

Price (30 Jul 2026) CHF337.00

related demand should support the company's order intake from 2H26E onwards.

However, we acknowledge that 2Q26's order intake saw also support from stockpiling RIC: COTNE.S BBG: COTN SW

on behalf of some of Comet's customers, which most likely won't repeat to the same Trading data and key metrics

degree in 2H26E, in our view. On its CA20 product, we expect Comet to have seen

52-wk range CHF437.00-167.80

repeat orders from certain customers that likely plan to use them in the production lines,

Market cap. CHF2.62b/US$3.26b

thus further underpinning the progress that is made with that product. Moreover, we

Shares o/s 7.77m (ORD)

expect that around ten orders have been received by Comet in the meantime. Moreover,

order-to-sales lead times should range from 3 months to 6 months, depending on the Free float 97%

level of customization and installation at the customers' site, in our view. Avg. daily volume ('000) 35.4

Avg. daily value (m) CHF13

Further granularity on the margin prospects Common s/h equity (12/26E) CHF0.39b

Comet's newly introduced FY26 EBITDA (reported) margin guidance of 14-17% implies P/BV (12/26E) 6.7x

a rather wide range of outcomes for 2H26E.