Aixtron Aktiengesellschaft
 (AIXG)

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  • Jan. 22, 2014, 2:35 PM
    • Though its FQ3 guidance is only in-line, investors are giving a resounding thumbs-up to Cree's (CREE +7.7%) FQ2 report, given it featured solid revenue and earnings beats on the back of strong LED lighting growth, and signs the margin pressure lately faced by the company could be softening.
    • LED wafer supplier Rubicon (RBCN +5%) is also up sharply, as are equipment vendors Veeco (VECO +6.5%) and Aixtron (AIXG +4.6%).
    • Cree's lighting product sales rose 42% Y/Y in FQ2 (a pickup from FQ1's 37% growth), and now make up 42% of the company's revenue (up from 38% in FQ2). Just as importantly, Cree's lighting gross margin, hurt lately by aggressive pricing for consumer LED bulbs at Home Depot and elsewhere, rose 100 bps Q/Q to 27.9% (albeit while falling 580 bps Y/Y).
    • LED product sales (components) rose 7% Y/Y after growing 16% in FQ1, and now make up 52% of revenue (down from 56%). Gross margin was 45.4%, -120 bps Q/Q but +350 bps Y/Y. Power/RF product sales rose 17% Y/Y, and carried a 58% gross margin (+430 bps Q/Q and +140 bps Y/Y).
    • Goldman (Buy) thinks Cree's numbers demonstrate LED lighting adoption is "in the early innings," and believes its guidance "implies a return to 30%+ gross margin in lighting after several disappointing quarters." The firm is also pleased sell-through at Home Depot doubled Q/Q, and considers Cree well-positioned for "a potentially break-out June."
    • Needham (Hold) is more cautious. It's worried a mix shift towards bulbs will keep margins pressured, notes capacity constraints are limiting sales of high-margin LED components, and considers Cree "fairly valued" at 29x 2015E EPS.
    • CC transcript
    | Jan. 22, 2014, 2:35 PM
  • Nov. 8, 2013, 11:33 AM
    • Though Veeco (VECO -3.1%) beat Q3 revenue estimates (while missing EPS forecasts), its bookings for the quarter only totaled $92M. While that figure is up from depressed Q2 and year-ago levels of $85M and $84M, it fell short of Q3 revenue of $99.3M, and yielded a book-to-bill of just 0.93, below a 1H level of 0.97.
    • Orders for Veeco's MOCVD systems (used in LED/solar manufacturing) rose 28% Q/Q to $67M. However, orders for MBE and hard drive equipment respectively fell to just $7M and $18M. In spite of the Q/Q order pickup, Veeco says it hasn't yet seen an MOCVD demand recovery.
    • Gross margin was 30.5%, down from 37.5% a year ago. While revenue fell 25% Y/Y, opex declined 5%.
    • Rival Aixtron (AIXG -2.4%) is also selling off.
    • Previous: Veeco files delayed reports, shares jump
    | Nov. 8, 2013, 11:33 AM
  • Nov. 2, 2013, 9:38 AM
    • Though fluorescent bulbs still sell for a fraction of the price of LED bulbs, and do so while providing major power savings relative to traditional incandescent bulbs, complaints about fluorescents are contributing to a surge in sales of LED bulbs
    • Consumers have complained about the harsh, bluish light emitted by many fluorescent bulbs - LEDs are seen as emitting a warmer light - as well as their dimming properties. Trade association NEMA estimates incandescents will still make up ~75% of 2013 U.S. lighting sales, in part due to their cost advantage.
    • LEDs are still only account for ~1% of bulbs in American homes, but that figure is quickly rising, thanks to dropping prices - bulbs from CREE, GE, and others can be bought for $10 or less at major retailers - and subsidies/rebates.
    • Companies (besides Cree) that have strong LED industry exposure: RBCN, LEDS, VECO, AIXG, GTAT.
    | Nov. 2, 2013, 9:38 AM | 7 Comments
  • Oct. 24, 2013, 12:05 AM
  • Oct. 23, 2013, 5:30 PM
  • Oct. 23, 2013, 2:24 PM
    • Aixtron (AIXG): Q3 EPS of €0.02 vs. -€0.77 in 3Q12.
    • Revenue of €46.2M (-26% Y/Y) vs. €62.2M in 3Q12. (PR)
    | Oct. 23, 2013, 2:24 PM
  • Oct. 21, 2013, 10:04 AM
    • SolarCity (SCTY +7.3%) has been started at Buy by BofA/Merrill.
    • Salesforce (CRM +2.1%) has been upgraded to Strong Buy by Raymond James.
    • Activision (ATVI +1%) has been started at Overweight by Barclays.
    • MA-Com (MTSI +2.7%) has been upgraded to Overweight by Stephens.
    • Russian carriers VimpelCom (VIP -0.5%) and MTS (MBT -1.8%) have been cut to Hold by Deutsche, and so has Aixtron (AIXG +3.2%)
    • NII Holdings (NIHD -4.3%) has been cut to Underperform by Credit Suisse.
    • Celestica (CLS -1.4%) has been cut to Hold by Canaccord.
    • Aruba (ARUN +1.7%) has been started at Outperform by Northland.
    • Applied Optoelectronics (AAOI +10.9%) has been started at Strong Buy by Raymond James.
    • Xoom (XOOM +6.9%) has been started at Buy by SunTrust.
    • Montage (MONT -0.4%) has been assigned five bullish ratings, and no neutral/bearish ones, on underwriter coverage day.
    | Oct. 21, 2013, 10:04 AM | 1 Comment
  • Oct. 15, 2013, 2:09 PM
    • Oppenheimer's Andrew Uerkwitz, who downgraded Veeco (VECO -5.3%) to Perform this morning, says he's concerned about the "potential fallout" from Veeco's accounting review, which has been ongoing for nearly a year.
    • Moreover, after updating his financial statements, Uerkwitz thinks the "earnings correction" that will be provided by Veeco when it finally reports will be worse than previously thought.
    • LED equipment peer Aixtron (AIXG -1.3%) is off moderately. Canaccord cut Aixtron to Sell at the beginning of the month, citing Asian share losses.
    | Oct. 15, 2013, 2:09 PM
  • Oct. 1, 2013, 11:14 AM
    • In tandem with upgrading top LED lighting/component supplier Cree, Canaccord's Jonathan Dorsheimer has downgraded equipment vendor Aixtron (AIXG -4.4%) to Sell. Meanwhile, Oppenheimer has cut LED sapphire wafer supplier Rubicon (RBCN -3.5%) to Underperform.
    • Dorsheimer says Asian supply chain meetings give him "increased confidence that [Aixtron] has lost significant share and that the next MOCVD cycle will likely disappoint."
    • It's possible some of the share lost by Aixtron has been picked up by rival Veeco (VECO +2.4%). However, both Aixtron and Veeco have been contending with tough price competition from Chinese vendors.
    • Oppenheimer bases its Rubicon downgrade on a belief the LED sapphire market will remain in a state of oversupply (previous), and that non-LED applications won't be able to pick up the slack. The firm also views recent wafer price hikes as unsustainable.
    | Oct. 1, 2013, 11:14 AM
  • Aug. 6, 2013, 11:03 AM
    • GT Advanced (GTAT +12.5%) is at levels last seen in Sep. '12 after beating Q2 EPS estimates on the back of strong Q/Q gross margin growth, and reiterating 2013 guidance.
    • Sapphire wafer vendor Rubicon (RBCN +1.9%) is up in sympathy, and so is LED/solar equipment vendor Aixtron (AIXG +0.1%).
    • In prepared remarks, GT states "end-market conditions are improving" in the LED equipment space, and that Asian advanced sapphire furnace clients are running at 80% utilization. GT also says it [continue] to make progress ... in developing [its] sapphire business beyond the LED market."
    • Sapphire is seen as "the key driver of GT's overall business" through 2014.
    • Though orders remain light, GT claims to have "very good visibility" for its solar polysilicon equipment ops for 2H, and is upbeat about stabilizing prices and tightening supply.
    • GT is also optimistic long-term about its new silicon carbide (SiC) furnace, which (together with GT's Hyperion tech) the company claims can yield cheap substrates for power semiconductors.
    • PR, earnings slides
    | Aug. 6, 2013, 11:03 AM | 1 Comment
  • Jul. 29, 2013, 4:53 PM
    • Q2 bookings totaled $85M, +21% Q/Q but -17% Y/Y. (PR)
    • LED/solar bookings (mostly MOCVD systems) totaled $58M vs. $43M in Q1 and $77M a year ago. Hard drive equipment bookings totaled $27M, even with Q1 but down from $50M a year ago.
    • MOCVD shipments were up Q/Q; MBE and hard drive equipment shipments were flat.
    • Veeco (VECO) says MOCVD market signals are "mixed," with higher Asian utilization rates, LED industry optimism, and strong LED lighting demand offset by customer caution about capacity expansion.
    • More MOCVD quotes are being requested, but conversion times are long, and quarterly bookings dependent on major deals.
    • Hard drive equipment customers are also cautious, but Veeco thinks sales could rise later this year thanks to slowing areal density growth (leads to more heads/media per drive).
    • No full Q2 report thanks to Veeco's ongoing accounting review.
    • GT Advanced (GTAT) and/or Aixtron (AIXG) could move in sympathy.
    | Jul. 29, 2013, 4:53 PM | 1 Comment
  • Jul. 25, 2013, 10:15 AM
    Aixtron (AIXG): Q2 EPS of -$0.12 beats by $0.01.
    | Jul. 25, 2013, 10:15 AM
  • Jul. 25, 2013, 12:05 AM

    Notable earnings before Thursday’s open: ABB, ACT, AEP, AIXG, ALK, ALKS, ARG, ASH , ASPS, BC, BG, BIIB, BLL, BMS,BMY, BSX, BWA, CAB, CAM, CCE, CELG, CFX , CL, CMS, CNX, COR, CPN, CRI,CRR, CS, CHS, DAN, DFT, DHI, DLX, DNKN , DO, DOW, DST, EQT, ESI, FAF,FLIR, GG, GM, GNC, GPK, GRA, HNT, HOG , HOT, HSY, IDCC, IMAX, IP, JAH,JNS, KEM, KMT, LAZ, LL, LM, LO, LUV , MDP, MDSO, MGI, MHFI, MJN, MMM,NBL, NMM, NXTM, ODFL, ORI, PACR, PCP, PDS , PHM, PNK, POT, PTEN, QSII, RCL,RDWR, RS, RTN, RYN, SIRI,SLAB, STC, STRA, SUI, TKR, UA, UFS, USG , UTHR, VCI, VDSI, VLY, WAB, WCC,XRX, YNDX, ZMH

    | Jul. 25, 2013, 12:05 AM
  • Jul. 24, 2013, 5:30 PM

    Notable earnings before Thursday’s open: ABB, ACT, AEP, AIXG, ALK, ALKS, ARG, ASH , ASPS, BC, BG, BIIB, BLL, BMS,BMY, BSX, BWA, CAB, CAM, CCE, CELG, CFX , CL, CMS, CNX, COR, CPN, CRI,CRR, CS, CHS, DAN, DFT, DHI, DLX, DNKN , DO, DOW, DST, EQT, ESI, FAF,FLIR, GG, GM, GNC, GPK, GRA, HNT, HOG , HOT, HSY, IDCC, IMAX, IP, JAH,JNS, KEM, KMT, LAZ, LL, LM, LO, LUV , MDP, MDSO, MGI, MHFI, MJN, MMM,NBL, NMM, NXTM, ODFL, ORI, PACR, PCP, PDS , PHM, PNK, POT, PTEN, QSII, RCL,RDWR, RS, RTN, RYN, SIRI,SLAB, STC, STRA, SUI, TKR, UA, UFS, USG , UTHR, VCI, VDSI, VLY, WAB, WCC,XRX, YNDX, ZMH

    | Jul. 24, 2013, 5:30 PM
  • May 29, 2013, 1:41 PM

    Veeco (VECO +3.3%) rallies after UBS raises its estimates and PT, citing expansion plans from the company's top Chinese customer. The report might also be giving a lift to LED wafer vendor Rubicon (RBCN +3.3%). Veeco and rival Aixtron (AIXG -1.2%) sold off last month on a report the companies have drastically cut prices for LED manufacturing gear due to Chinese competition. Shares sold off more moderately in early May on a report the Shenzhen, China government is ending an LED manufacturing incentive plan.

    | May 29, 2013, 1:41 PM | 1 Comment
  • May 2, 2013, 10:28 AM

    Veeco (VECO -2.8%), Aixtron (AIXG -1.3%), and Rubicon (RBCN -0.7%) slump after the Shenzhen, China government reportedly ends a 7-year, $21B LED incentive plan that helped make the city China's LED manufacturing capital. Notable Calls observes sell-side firms have named Chinese subsidy cuts as a risk for Veeco (I, II, III). Shares might also be pressured by GT Advanced's (GTAT -7.3%) revenue miss and light 2013 guidance - GT only saw $16.6M in new orders in Q1, and removed $356M worth of sapphire furnace orders from its backlog that considers at-risk. (LED equipment price cuts)

    | May 2, 2013, 10:28 AM
Company Description
Aixtron SE provides deposition equipment to the semiconductor industry. Its solutions are used to build components for electronic and opto-electronic applications based on compound, silicon, or organic semiconductor materials.