QM · rank #9 · 2026-09-09
BESI
AMSTERDAM · EUR · $17.67B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +83.18% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +44.9% |
| Profit margin Net profit margin, trailing 12 months. | +28.4% |
| Market cap (USD) Size filter: > $300M required (USD-equivalent). | $17.67B |
| Anchor (recent) Close on 2026-08-10 | $219.80 |
| Anchor (far) Close on 2025-08-08 | $119.99 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
Besi is a Netherlands-based semiconductor assembly equipment maker specializing in hybrid bonding, die attach, and advanced packaging systems, increasingly positioned as a critical enabler of AI-driven chiplet and 2.5D/3D integration architectures.
Rationale
The quality_momentum signal is directly reinforced by hard data — Q2-26 revenue +68.7% YoY, net margin expanding to 35.6%, ROE of 44.9%, and order intake surging 128.8% YoY — confirming that both the earnings quality and price momentum legs of the screen reflect genuine fundamental acceleration, not sentiment drift.
Material risks
- 1Hybrid bonding customer concentration risk — with only 21 customers adopting the technology, a slowdown or in-house tool development by a top-tier IDM (e.g., Intel or Samsung) could disproportionately dent the order pipeline that is driving the entire thesis.
- 2Cyclical capex whipsaw — semiconductor equipment spending is notoriously lumpy, and Besi's explosive order growth (+128.8% YoY) raises the probability of a digestion pause in H1-27 that could compress multiples sharply even if the long-term hybrid bonding TAM story remains intact.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.