Aixtron purpose of this thread

onsemi Unveils Complete Power Solution to Improve Energy Efficiency for Data Centers

based on SiC MOSFET

ONsemi ist Aixtron Kunde

https://investor.onsemi.com/news-releases/news-release-details/onsemi-unveils-complete-power-solution-improve-energy-efficiency

Felix Grawert hatte auf dieses Nutzungsfeld in 2023 schon hingewiesen.

Gruß
baggo-mh.

 

jetzt $ 260 - Kurs Applied Materials aktuell $ 220 und 4% im Plus.

Könnte der Grund für den Anstieg bei Aixtron sein.

Gruß
 baggo-mh

 

ProAsia boosts mass production of SiC with 3Q24 first batch delivery
Siu Han, Taipei; Heidi Yin-Hsuan Tai, DIGITIMES Asia
Friday 7 June 2024

https://www.digitimes.com/news/a20240607PD200/...a-semiconductor.html  

Interesting piece written by my favorite Seeking Alpha Contributor:

https://seekingalpha.com/article/...ixtron-could-be-worth-a-look-now?  

Hi all,
My apologies for the lack of activity here. I will improve.
More important: I remain fully convinced and invested, although the uncertainty from SIC is clearly causing some volatility. The question is if we have to dial back order intake assumptions for H2 and get an update on this/revenue guidance with Q2.. if so, this would see the stock go down another 10% or so I think but then a lot is priced in at the current valuation and share price performance.
Mid-term I remain highly convinced: EVs will recover, driving improved sentiment around SIC (and the entire sub sector including OnSemi, STM, Infineon etc) and GAN will certainly find its ways into data centres (look at Renesas below and what Infineon recently talked about their Datacenter business). Micro LED remains a positive wild card.

The Italy site acquisition also makes STM a very likely large and next customer, but that is just my speculation and I have no incremental evidence for this.

Nevertheless I wanted to share interesting slides from the recent Renesas CMD, in particular on the power side, see slides on the link here. https://www.renesas.com/us/en/document/ppt/...051457451&r=1320481


They are by the way just ramping their first SIC site.. if we are lucky Aixtron might get some incremental orders from this in Q2/Q3 or already had in Q 1 (I remember Management talking about some wins in JP with the Q1 call if I am not mistaken).  

I also wanted to share this discussion with the ONsemi CEO very recently. It is worth a listen from
Minute 15 onwards. Highly convinced of SIC future and that this is more a short term drag at the moment, not a structural one:

https://qcast.page.link/5ypFbVrzPWCNZLUW6

Regards,
Fel  

https://www.aixtron.com/investoren/events/...genda%2520Item%25209.pdf  

Executive Board Report on Agenda Item 9 as per Art. 9 para. 1
lit. c) ii) SE Regulation in connection with section 71 para. 1 no.
8 sentence 5; section 186 para. 3 sentence 4; para. 4 sentence
2 German Stock Corporation Act (Aktiengesetz, “AktG”)
- Translation for Convenience Purposes -
The resolution adopted by the Annual General Meeting of 16 May 2018 under Agenda Item 8
provided for an authorization to purchase and use treasury shares. This authorization has not
been used. The authorization is valid until 15 May 2023 and thus will expire before the intended
date on which the Annual General Meeting in 2023 shall be held. For this reason, and to
maintain flexibility regarding the purchase and the use of treasury shares, a new authorization
for the purchase and the use of treasury shares in accordance with section 71 para. 1 no. 8 AktG
with the option to exclude subscription rights, shall be resolved while revoking the already
existing authorization dated 16 May 2018.
At the time of convening the Annual General Meeting, the company holds 1,084,105 treasury
shares.
The proposed resolution on Agenda Item 9 provides that the company, pursuant to section 71
para. 1 no. 8 AktG, be authorized to acquire own shares up until 24 May 2027 of in total 10
percent of the share capital that exists at the time of the adoption of the resolution  

Innoscience plans to use the net proceeds from the IPO for the following projects:
1. 50.0% will be used to expand the production capacity of 8-inch gallium nitride wafers (from 10,000 wafers per month as of December 31, 2023 to 70,000 wafers per month in the next five years), purchase and upgrade production equipment and machines, and recruit production personnel....  

After a meeting with the management analyst M. Kuhn keeps Buy vote with target 33:
Outlook is better than the sentiment right now. However, no uptick of the business in short term expected.

To me this translates for Q2: we aim for the lower range of the annual target with confirmation for better outlook for next year. I hope this is already priced in and the stock won't dip.

https://www.ariva.de/news/...-belsst-aixtron-auf-buy-ziel-33-11277545


 

Infineon Achieves Milestone with Kulim 200mm SiC Fab Phase 1 Completion
 
June 13, 2024

Infineon Technologies has reached a significant milestone by completing the first phase of its 200mm Silicon Carbide (SiC) power fab in Kulim, Malaysia. This achievement marks a crucial step forward in the company's strategic plans for expanding its production capabilities.

With the official opening of the Kulim 3 fab module scheduled for August, Infineon aims to commence SiC production by the end of 2024. The fab's establishment is a key component of a $100 billion initiative by the Malaysian government to enhance chip manufacturing within the country, positioning Malaysia as a prominent player in the global semiconductor industry.

The installation of production tools for the SiC lines is currently underway, with the fab being designed to accommodate the requirements of newer tool types, varying volumes, and evolving structural specifications. This adaptability underscores Infineon's commitment to staying at the forefront of technological advancements and meeting the demands of a dynamic market.

Infineon is set to engage in a competitive battle with Wolfspeed for the distinction of operating the world's largest 200mm fab. While specific details regarding planned capacity remain undisclosed by both companies, the rivalry between Infineon and Wolfspeed adds an element of excitement to the semiconductor landscape, driving innovation and progress within the industry.

Furthermore, the recent approval of funding for the world's inaugural integrated SiC wafer plant and volume fab by ST Microelectronics in Catania, Italy, following the successful installation of a pilot line, signifies a broader trend towards the advancement of SiC technology on a global scale. This development highlights the growing significance of SiC in enabling next-generation electronic devices and systems.

https://hardwarebee.com/electronic-breaking-news/...ase-1-completion/  

Morning all,
Another tough day for Aixtron shareholders today on no news, maybe tech is broadly hit after SMA warning and stock -30%? Infineon also down -3% or so.
It just shows the worries/uncertainty around Aixtron after being a darling for the last 2-3 years.. we have an „airpocket“ year with weak SIC orders and GAN probably also having some digestion. The lack of visibility for a bottom in demand is the problem.. we need to see order intake growing again and that will not happen with Q2 given the very high comps base.

BUT I think the majority of this is priced in (I have been arguing that as well when the stock was at € 24) and have been proven wrong. The question is a) will SIC/GAN continue to proliferate? I think yes. Next question is what is the right multiple to pay for 2025 EBIT? Or what is the right multiple to put on a weak 2024 EBIT? I think historically the stock traded at around 20x EBIT , today is at 13.5x 2024 estimates. Even if they are too high (which I doubt) another -10% estimate cut is well priced in here..

Let’s see at which price buyers step back in, I certainly continue to trust in the story, why else should management (that continuesly delivered over the last years) decide to buy a new production site in Italy..

Regards,
Fel