Aixtron- und die Banken stufen fröhlich auf kaufen

 

Bekanntlich ist Preis etwas telatives, aber für ca 1 Mrd EUR iat Aix mMn nicht unattraktiv. Keine Schulden, ca. 260 Mio in der Kasse + der Rest.
Sollte es jedoch zu einem Delisting kommen, wäre das aus meiner Sicht nicht so toll.

Dagegen wäre aber ein Einstieg mit 25+% der Anteile durchaus vorteilhaft für den Kurs :)
Ob aber jemand an so was interessiert wäre?!  

https://www.marketscreener.com/AIXTRON-SE-3975874/financials/

The projected 2020 and 2021 EV/EBITDA ratios are only 11.1x and 8.9X.  Aixtron is now traded as a value stock instead of a  growth stock although it is growing ~ 25% a year.  The high cash and no debt brings down the EV and makes it attractive target, and considering that that Aixtron is number 1 in every market segment it participates and would be cash flow positive for the next several years.

I cannot explain the disconnect between the promise of Aixtron and its low valuation.  It seems to me that the Aixtron management is struggling with that too. The management needs to do something before it might be too late. Only the paranoid survive.  
 

The EV/EBITDA data are for 2019 and 2020.  Notice the current Enterprise Value is only 545m!  

https://www.stepstone.de/cmp/de/APEVA-SE-218446/...resultlist-company  

Cwl, how should we be interpreting your post? I assume you mean that if Samsung said no they would not continue to look for new people at apeva?
Regards!  

Hi Fel, I was being sarcastic.    

hooo.... 3 stellenanzeigen binnen 1 woche !?
da scheint aber druck im kessel zu sein :-)  

APEVA Korea was hiring an OVPD team leader just two weeks ago.  I have to think  that things are moving along at Samsung or nothing makes sense. Maybe there is a conspiracy going on?  

AMS 23.07
STMicroelectronics 25.07
ASML 17.07
...

Die meisten US-Halbleiter melden erst nach Aixtron ...  

agiert bei Aixtron als Investor + LV zugleich. Wirklich unglaublich wie viele Milliarden Dollar Gewinn jedes Quartal dort erzielt werden.

https://boerse.ard.de/aktien/geldmaschine-jpmorgan102.html  

JP Morgan ist ein Gigant! und wenn solche Bankhäuser als LV agieren, kannst du dir vorstellen, dass denen scheiß egal ist, wann die die LV Aktien zurückkaufen! Die Leihgebühren sind für die Peanuts. Trotzdem wäre es mal nett, wenn sich die Aktie mal wieder nach oben bewegen würde, und raus aus diesem Schlafmodus käme. Ich habe mal wieder selber 8T Anteile gekauft, bei 7,50, da ich nächste Woche mit guten Nachrichten rechne.  

für diejenigen die die Angebotsunterlage nicht mehr auf dem Schirm haben

JP Morgen war beauftragt einen Investor zu suchen der Aixtron übernimmt.

auszug aus der PM

"Berater

J.P. Morgan fungiert als Finanzberater von AIXTRON, White & Case LLP steht der AIXTRON als Rechtsberater zur Verfügung. Buttonwood Finance Ltd. fungiert als Anlageberater und die Deutsche Bank als Finanzberater für den Fujian Grand Chip Investment Fund, Paul Hastings LLP und Glade Michel Wirtz stehen dem Fujian Grand Chip Investment Fund als Rechtsberater zur Verfügung."

https://www.aixtron.com/de/investoren/...f%C3%BCr%20AIXTRON%20SE_n929

bitte sucht die Angebotsunterlage selbst raus dort nachzulesen unter Chronologie

 

"...In the near-term supply chain, Lumentum, a US-based chip manufacturer that uses Face Laser (VCSEL) for face ID 3D sensing, has received instructions from Apple recently requesting Apple to be used for terminal devices by the end of 2019. The rear lens is used for time difference ranging (ToF). If the addition is expected to extend at least to the 2020 structured light Face ID scheme, a mobile device will use three VCSEL components..."

https://www.digitimes.com.tw/tech/dt/n/...64377_DJ22DXHV8FPHXB63E7HTQ

There is an English version probably available tomorrow at Digitimes.

 

http://mobile.dgap.de/dgap/News/adhoc/...fitability-q/?newsID=1172575

Die Quartalszahlen werden besser ausfallen als erwartet bei Dialog Semiconductor.
Sollte heute dem Markt einen Aufschub geben.  

wir heute einen guten Schub bekommen.  

http://www.maeilnews.co.kr/mobile/article.html?no=3844

This article states the investment of Samsung in organic deposition equipment of Canon Tokki.
No words about Apeva.

Also:
"The road map for August is going to be released as soon as possible".

I wouldn't go for early conclusions here. CWL1 mentioned a necessary component is only producable with VTE and Canon Tokki was the favorite for at least that component.  

Morning!

Ericsson reported stronger than expected Q2 results today. CEO sees strong momentum on 5G side of the business, even so strong that they are expanding production capacity. So 5G is clearly starting to ramp-up as an end-market - that should be positive for Aixtron in my view.

From Ericssons results: (Source: https://www.ericsson.com/assets/local/investors/...9/6month19-en.pdf)

"To ensure we meet customer requirements for fast and agile deliveries, we have decided to invest in a state-of-the-art 5G production site in the US to complement our global supply chain."

"5G momentum is increasing. Initially, 5G will be a capacity enhancer in metropolitan areas. However, over time, new exciting innovations for 5G will come with IoT use cases, leveraging the speed, latency
and security 5G can provide. This provides opportunities for our customers to capture new revenues as they provide additional benefits to consumers and businesses. "

Regards,
Fel
 

ASML reported Q2 in-line with expectations and some growth yoy (2.57bn sales; -6% yoy), however Q3 guidance slightly weaker than expected (3bn vs. 3.2bn expected) but still that shows decent growth of  +17% qoq.. indicating that we may be near the bottom.. as I also interpreted Atlas Copco's Vacuum Tech numbers (but might be wrong).
I leave the interpretation of ASML's CEO statement to CWL1, he is much more in the Tech/Application detail than I am: (Source: https://www.asml.com/en/investors/financial-results/q2-2019)

Current macroeconomic environment creates end market volatility resulting in industry
uncertainty. Memory customers continue to digest capacity additions in a weaker demand
environment while logic customers accelerate ramp of their new leading edge nodes

"For the remainder of the year we see further weakness in Memory, while Logic looks stronger. We expect that the increased demand in Logic will compensate for the decreased demand in Memory. The additional growth in Logic is driven by accelerated investments in 7 nm nodes and beyond.

Long term growth opportunity remains, driven by end markets growth enabled by major
innovation in semiconductors

Regards,
Fel
 

Futures of AMAT and LRCX are up sharply this morning in US. They are directly correlated to the wafer fab processing equipment segment. ASML makes the EUV photo lithography equipment necessary for the advanced 7nm and 5nm chip manufacturing.  Aixtron is in the semiconductor chain but more indirectly connected to ASML's segment.  Still, it is good news if AMAT and LRCX rally from ASML's latest results.  

https://www.macrumors.com/2019/07/17/...ra-lens-supplies-202-iphones/  

You get a sense that VCSEL is starting its H2 ramp..

TrueLight doing well in consumer application market for VCSEL
Siu Han, Taipei; Willis Ke, DIGITIMES Wednesday 17 July 2019 0

Taiwan-based TrueLight, dedicated to providing optoelectronics semiconductors including VCSEL components, is expected to see revenues from shipments of VCSEL devices for smartphone and optical communication applications to surge to 60% as a proportion of company revenues for the third quarter, traditionally a peak season, from 50% in the first half.

The company has been keen to develop the consumer application market for VCSEL since the second half of 2018, having entered the supply chains of major China handset vendors Huawei, Xiaomi, Oppo and Vivo, according to industry sources.

Despite impacts of the US-China trade war, TrueLight's monthly shipments of consumer VCSEL components surged stably to 25-30 million units in the second quarter of 2019 from 15 million units in the third quarter of 2018, thanks partly to handset vendors remaining keen to adopt short-wavelength VCSEL proximity sensors and partly to growing penetration of true wireless stereo (TWS) headphones.

The company's VCSEL shipments will expand further to 35 million units in July and soar to 50 million by the end of the year, the sources said.

TrueLight's short-wavelength VCSEL components can now also be applied to other market segments, including industry control, short-range transmission at 5G base stations, and data storage at datacenters.

https://www.digitimes.com/news/a20190717PD204.html  

now hiring as of today (7/17-7/31).  Hard to believe if OVPD is not part of Samsung's game plan.


http://www.saramin.co.kr/zf_user/jobs/relay/...ompany_info_view#seq=0  

wenn apeva samt der ovpd technologie nicht zum SD plan gehört, warum stellen sie weiter personal ein ?
gibt es zb. andere grosse display hersteller die in frage kommen ?
wenn aixtron und SD nun doch nicht zusammen kommen, würde aixtron das nicht öffentlich kommunizieren?  

Especially since one of Apeva's workspaces is also the place where Samsung plans to build the new OLED line in Asan City.
Coincidence?