Infineon e ASML

  • Ecco la 60° Edizione del settimanale "Le opportunità di Borsa" dedicato ai consulenti finanziari ed esperti di borsa.

    Questa settimana abbiamo assistito a nuovi record assoluti in Europa e a Wall Street. Il tutto, dopo una ottava che ha visto il susseguirsi di riunioni di banche centrali. Lunedì la Bank of Japan (BoJ) ha alzato i tassi per la prima volta dal 2007, mettendo fine all’era del costo del denaro negativo e al controllo della curva dei rendimenti. Mercoledì la Federal Reserve (Fed) ha confermato i tassi nel range 5,25%-5,50%, mentre i “dots”, le proiezioni dei funzionari sul costo del denaro, indicano sempre tre tagli nel corso del 2024. Il Fomc ha anche discusso in merito ad un possibile rallentamento del ritmo di riduzione del portafoglio titoli. Ieri la Bank of England (BoE) ha lasciato i tassi di interesse invariati al 5,25%. Per continuare a leggere visita il link

Agoniah

Nuovo Utente
Sospeso dallo Staff
Registrato
29/6/07
Messaggi
398
Punti reazioni
13
Paraag Amin, 44-207-986-4080 (Citigroup)

Infineon Technologies (IFXGn.DE - E9.11; 1H) -We reiterate our buy on
Infineon. IFX is delivering on the restructuring: spinning out DRAM
(Qimonda), fixing chip card, and widening the customer base for
Communications.One of the main catalysts for the company is the complete
turnaround to profitability of the Communications segment driven by new
customer wins in Wireless and the roll-out of ADSL2+ and VDSL2 services in
the Wireline segment. With breakeven expected to be attainedin 4Q07, we
believe that product ramp at new customers (including Nokia and Samsung)
will see Infineon's Communication's revenue and profitabilityincreasethrough
2008. We base our E14.9 target price on a sum of the parts with a 2.2x 08E
sales multiple for Automotive & Industrial and 1.75x sales multiple for
Communications (in line with private equity deal valuations of 1.6x for
Philips and 2.2x for Freescale).

ASML (ASML.AS - E23.08; 1H) -We reiterate our Buy on ASML. We see a
number of continuing catalysts driving ASML forward from here. These
include:1) lithography growing as an overall % of capex and increasing in a
falling overall capex environment;2) market share gains (towards 70%);3)
increasing ASPs (the 1900i tool is cE4m more than the 1700i tool and a next-
gen tool is expected to be launched in 4Q08);4) technology lead (1900i
producing down to 40nm vs. Nikon's 610 tool at 50nm);5) long lead-times (six
to nine months) dampening the impact of short-term equipment cycles and
order volatility;6) immersion tools being used for logic processes at 65nm
(reducing the impact of possible memory overheat);7) the desire to shrink
faster and accelerate ramp at lower process nodes;8) the growing trend of
IDMs outsourcing manufacturing to foundries will be of benefit to the key
foundry partners (we note ASML has a strong relationship with TSMC); and9)
ASML is raising its own internal capacity by c10% YoY for the next three
years ahead of strong anticipated demand. We believe that all of these
factors combined will drive ASML forward in 2007. With the stock trading at
12.8x 2008E EPS, we believe that for a global technology leader, with little
competition and strong execution, ASML is attractive.

11 Novembre 2007
 
Infineon sono 3 anni che è in perdita, sotto gli 8 euro forse si poteva fare un po' di contrarian, visto che due mesi fa quotava addirittura 12..
Il titolo è molto volatile, molto rischioso, certo a 7.75€ il potenziale Downside era limitato rispetto all'Upside, oggi sta rimbalzando con il mercato +3% a 8.25€! :bye:
 
Indietro