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Aixtron- und die Banken stufen fröhlich auf kaufen

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eröffnet am: 18.08.09 15:23 von: Katjuscha Anzahl Beiträge: 49305
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15.07.19 09:30

1064 Postings, 1201 Tage fuexle@rosskata

bisher schienen sie deutlich hinterher zu laufen.
Veeco scheint Fortschritte gemacht zu haben, und kommuniziert.
Früher oder später werden sie nachrücken . Der Qualiweg ist auch noch lang und steinig
das zerreibt so manches Nervenkostüm hier, wer kennt das besser als die Aix Aktionäre.  

15.07.19 09:43

1222 Postings, 4692 Tage rosskatafuexle: stmmt's. jedoch glaube ich

dass der Quali Prozess bei VCSEL um einiges einfacher ist als bei OLED. Sprich Veeco kann relativ schnell auf dem Markt kommen  

15.07.19 11:12

380 Postings, 689 Tage kaiberlinnaja, seit mittel 2018

öfter liest man die viele ähnlichen Interviews von veeco, oder TurboDisc.  

15.07.19 11:26
5

380 Postings, 689 Tage kaiberlinveeco

VEECO

1. VEECO uses high-speed rotation, but there is no rotation, so there is obvious uniformity between within-wafer and ring-ring, but the uniformity in run-run and ring is excellent, which is why its equipment is more suitable for LED production.  Because the LED has a binning step, the uniformity of the ring-ring can be solved by binning, but if the epitaxial structures such as growth DFB and VCSEL are closely related to each other and the degree of mutual influence can cause the overall function of the device to be lost, VEECO  But the power is not at heart.

2. In addition to the annual maintenance, the VEECO equipment is not open to the furnace. It is suitable for large-scale production. It can also alternate between 2 pallets. As long as the annual maintenance is completed, the furnace body and the tray are properly covered, within 1-2 months.  Stabilize the device, you can use it with confidence, and at the same time, it can be explored regularly within a few months.  However, it should be noted that the replacement of the tray will still cause parameter changes.

3. However, the furnace body of the VEECO equipment is relatively large. Although it has been recently reduced, it is still wasteful in gas consumption, but it cannot be further reduced, which is related to the furnace design and growth optimization mechanism.

4. Also, when using VEECO to grow some materials that are mutually polluted, there are residual problems, and the solution is to remove the furnace, which increases the maintenance cost, so VEECO is suitable for repeated growth of the same product.  

15.07.19 11:29
6

380 Postings, 689 Tage kaiberlinaixtron

AIXTRON

1. AIXTRON adopts low-speed rotation and rotation, so the uniformity of within-wafer in the same furnace is obviously improved. If it is a device with closely related epitaxial structures such as DFB and VCSEL, AIXTRON is more suitable.

2, AIXTRON needs to open the furnace body every time, the uniformity of run-run is very important, and there is only about 20 growth between each tray change, and all kinds of conditions change, it needs to be certain for each furnace.  Adjustment.  This is where the technical difficulties lie, but it is precisely every adjustment that gives us the initiative to master the process, so we can grow more sophisticated structures.

3, AIXTRON needs constant maintenance, each time you need to change the pallet requires process adjustment, and often there will be changes in the rotation speed or even stop, which needs attention.

4. AIXTRON provides a source by means of a central nozzle, which inevitably results in uneven distribution of the source formed by the design, which requires attention and adjustment.  However, we can also judge the stability of the process by observing the condition of the nozzle and the furnace. This is the flexibility of AIXTRON.

5. The furnace body of AIXTRON equipment is relatively small, and it is relatively economical in terms of gas consumption.

6, due to the flexibility of the furnace, for the growth of some materials with mutual pollution and residual effects, but also less risk, AIXTRON can grow a variety of products, and try to carry out research and development.  

15.07.19 11:34
3

380 Postings, 689 Tage kaiberlinveeco aixtron

But one thing to note is that VEECO's MOCVD is not its main business. It is a comprehensive equipment supplier. This is his shortcoming. The advantage is that because it is transferred by EMCORE, their people have more practical experience of the device.  Pay attention to whether your technical advantages are learned by EMCORE through your friends.  AIXTRON's MOCVD is the main business, which is more important. This is an advantage, but it has not been a device manufacturer, and there is no talent that is well integrated with the device. This is a disadvantage.  

15.07.19 13:57
7

141 Postings, 4655 Tage fel216Atlas Copco Vacuum Orders -7% yoy

Hi all,

Atlas Copco's Vacuum Technique division with first datapoint on Q2 development, they are not a direct peer to Aixtron (but a direct peer to Pfeiffer Vacuum and VAT for example) however also sell capex equipment into the Semiconductor Supply Chain with large customers being Samsung etc. among others.
They reported -7% organic order growth and -7% organic revenue growth in Q2, but also highlighting that equipment orders were flat sequentially - which I would interpret as some stabilisation after a weak Q1 for the entire supply chain.
On end-markets, they note the following:  
Order intake for equipment to the semiconductor and flat panel display industry decreased, but
customer investments to support latest technology products remained at a high level. Geographically, Asia and South Korea in particular, continued to be relatively weak. In North America, the order intake remained healthy, but below previous year?s record level.
Equipment orders from the industrial and scientific vacuum markets were down compared to the previous year and broadly flat sequentially. Compared to the previous year, order volumes increased in North America but decreased in Europe and Asia.

Link: Page 5 https://www.atlascopcogroup.com/content/dam/...0715-en-q2-2019-ir.pdf

For Aixtron I think we should expect a further sequential decline in order intake in Q2 vs. Q1 and vs Q2 2018 given that a) I personally think Semiconductor uncertainty has increased in Q2 vs. Q1 (e.g. in Q1 many people still expected a pick-up in H2, that is more uncertain today) and b) last year's investment trends have been quite strong, amongst others driven by ROY LED and VCSEL (e.g. IQE capex). But that are just my views - I would hope for a bottoming out in Q2 and a slight QoQ and YoY recovery in Q3.

Regards,
Fel  

15.07.19 14:01
5

141 Postings, 4655 Tage fel216Atlas II

Forgot to add that Atlas Copco's Vacuum Technique Orders declined -13% organically in Q1 (and sales -8%).. with orders -7% yoy in Q2 and sales -7% this signals some stabilisation indeed.. adding to my hope that we may see some stabilisation in Semi Capex spending (including for Aixtron) in Q2 with hopefully some recovery in Q3/Q4.

Regards,
Fel  

15.07.19 14:19

66 Postings, 138 Tage AlockarLV - kurzes Update

HBK Investments hat von 0,92 auf 0,84 am Freitag zurückgekauft.  

15.07.19 14:41
4

651 Postings, 889 Tage CWL1Just to be clear

Japan has restricted only three chemicals to Korea and among them only the polyimides may have some impact on the transparent OLED manufacturing.   It is a substrate and is replaceable by other manufacturers across the world.  There is no broad restriction, yet, for example to the Japanese blue emitter materials..  If the dispute stabilizes or is tuned down, then impact to Samsung's QD-OLED effort would be non-existent.  Nervous investors worrying about short term Aixtron order decline are driving the share price down, but cool heads would prevail at some points.  No matter what, Samsung has learned a lesson: diversify and diversify.  

https://asia.nikkei.com/Politics/...pan-s-export-curbs-on-South-Korea
http://www.etnews.com/20190714000070?mc=em_101_00002  

15.07.19 16:10

2080 Postings, 827 Tage BigBen 86Atlas copco

weist aber ein deutliche besseren Kursverlauf auf ( Nahe Jahreshoch ).

Bei Aixtron dagegen ist zur Zeit keinerlei Kaufdruck. Anscheinend gehen einige Marktteilnehmer von einem sehr schlechten AE aus ...

Immer diese Über-/ Untertreibungen ... aktuell steht der Kurs kaum höher als beim China-Gebot ...
damals schrieb man aber ordentliche Verluste und jetzt hat man zudem sehr aussichtsreiche Projekte in der Pipeline.  

15.07.19 16:20

1820 Postings, 5159 Tage Gadricbald wieder hoch

aber der Call bei 7,21 wird noch gefressen...der hat so nen fetten Hebel, der wird noch gekillt..aber dann könnte es wieder bergauf gehen.  

15.07.19 16:22
1

516 Postings, 3534 Tage gennyv777Material für OLED

Hat das jemand gelesen? Bedeutet das, dass Samsung noch auf der Suche nach Material für die OLED-Produktion ist und sogar in Dresden?)

http://www.novaled.de/news_press/newsitem/...en_novaled_firmensitzes/
 

15.07.19 16:34
4

141 Postings, 4655 Tage fel216Big Ben

Big Ben, wenn ich hier die Zahlen von Atlas Copco, Pfeiffer, VAT o.ä. analyisere geht es mir aussschließlich darum die Trends in dem gemeinsamen End-Markt - nämlich Kapitalgüter für den Halbleiter Sektor - zu analysieren, es geht mir niemals um den Aktienkurs der Unternehmen. Bei deinem Aktienkursvergleich musst Du bitte beachten, dass Atlas nur ca. 10-15% seines Umsatzes im Semi Bereich macht, der Rest sind andere End-Märkte; insofern lohnt es sich nicht die Aktienkurse zu vergleichen, ich vergleiche ja auch nicht Aixtron und Nestle.
Viele Grüße, Fel  

15.07.19 17:26
4

1116 Postings, 3528 Tage baggo-mhNovaled

ist eine 100%IGE Tochergesellschaft von Samsung.

Der Kernsatz imho ist dieser. Novaled ist gegenwärtig weltweit einziger Lieferant von organischen Dotiermaterialien für die OLED Display Massenproduktion.  

QD - quantum dot - dafür braucht man Dotiermaterial. Rotes und grünes Emittermaterial bezieht Samsung von UDC. Vielleicht bald auch blau wink

Gruß
laugthingcool baggo-mh


 

15.07.19 19:47
1

2080 Postings, 827 Tage BigBen 86Wann kommt ein Gebot für Aix ?

beim derzeitigen Kurs nicht unwahrscheinlich ...

bei Osram hat die Bieterschlacht begonnen ...

https://www.ariva.de/news/...bleiterkonzern-ams-legt-hoeheres-7704331  

15.07.19 21:09

1574 Postings, 1100 Tage paintstiveund was wird dann geboten ???

15.07.19 23:54
2

1222 Postings, 4692 Tage rosskataÜbernahme ...

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?!  

16.07.19 01:04
5

651 Postings, 889 Tage CWL1bid? never say never

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.  
 

16.07.19 01:09
2

651 Postings, 889 Tage CWL1correction

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

16.07.19 16:31

141 Postings, 4655 Tage fel216Cwl ?

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!  

16.07.19 16:34
1

651 Postings, 889 Tage CWL1fel216

Hi Fel, I was being sarcastic.    

16.07.19 16:59
1

3962 Postings, 1314 Tage köln64@cwl1

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

16.07.19 17:15
4

651 Postings, 889 Tage CWL1@koln64

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?  

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| 1889 | 1890 | ... | 1973   
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