Kepler Cheuvreux starts covering $SMHN with a "Hold" and takes a cautious stance relative to other estimates based on:
▫️"expectations of a more pronounced digestion of temporary bonding/detaching (TB/DB) equipment, a slower ramp-up of hybrid bonding (HB), and a milder growth in the photomask sector."As we say, "Good Morning". This was the story 6 months ago.But the reality is that things are actually starting to look up for the company:👉Almost all of the company's TB/DB sales have been to $Micron Tech(MU.US). When $SEC gets qualified at $NVIDIA(NVDA.US) Suss will get a whole new wave of TB/DB orders.👉Previously Suss only had very limited #CoWoS exposure, and that was only for CoWoS-S. But during Q1 '25 a new UV scanner related #CoWoS opportunity came to light which should produce additional revenue in '25 and add more customers in '26/'27.👉Regarding photomasks, this is just speculation, but I think the photomask business will be sold off to $MYCR.👉It's true that Hybrid Bonding won't add much to the group, but I don't think anyone is really assuming much in their numbers anyway.Source: Chips & Wafers
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