Besi rises as investors look beyond downturn to hybrid bonding surge
** Besi BESI.AS rises 2.5% after it forecast a rise in demand for its hybrid bonding systems in 2025 following Q4 shipment delays and Q3 orders miss
** Q3 order bookings are down 18% quarter-on-quarter to 151.8 million euros ($163.8 million), below Visible Alpha estimate of 177 million euros
** ING, KBC and Stifel agree this update was largely expected given the prolonged industry weakness and some struggling customers
** With negative news already factored into estimates, investors are now willing to overlook the down cycle and anticipate an upturn, ING's Marc Hesselink says
** Hesselink adds that Besi's hybrid bonding portfolio continues to perform very well and its adoption outlook remains very attractive in the long-term
** "This is a very cyclical industry and you want to buy these stocks when order intake and outlook are weak," KBC Securities says
** Stock is one of top performers on Amsterdam's AEX .AEX index
($1 = 0.9259 euros)
Reporting by Dagmarah Mackos
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