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portefeuille (99.59)

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October 13, 2009 – Comments (38)

Here is a piece of advice I think you might want to consider. Do not bet on the share price of AIXG going down. Quite a few "caps" game players have made an "underperform" call on AIXG lately. Before selling this stock short or buying puts or selling calls on it make sure you have a good reason for doing it. Looking at some P/E or the chart is not enough in this case I am afraid. I will try to add some information in the comment section to this post.

38 Comments – Post Your Own

#1) On October 13, 2009 at 1:04 AM, portefeuille (99.59) wrote:

AIXG by the way is on my "list of current favourites" (see this post).

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#2) On October 13, 2009 at 1:13 AM, portefeuille (99.59) wrote:

--------------------------------

#462) On April 23, 2009 at 4:18 AM, portefeuille (99.99) wrote: AIXG - 7.05 (5.41 EUR) - outperform

#649) On August 01, 2009 at 10:43 PM, portefeuille (99.99) wrote: AIXG - end outperform - 16.58 - new rating: market perform

#818) On October 06, 2009 at 1:25 AM, portefeuille (99.99) wrote: AIXG - end market perform - 27.45 - new rating: outperform

--------------------------------

(from here)

Between the times I made those comments #649 and #818 above I have done quite a bit of "additional research" on AIXG and the "news flow" was "quite positive".

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#3) On October 13, 2009 at 1:24 AM, portefeuille (99.59) wrote:

Okay, to get going I will simply copy some Aixtron related stuff I have posted here before.

www.aixtron.com

AIXTRON Analyst Earnings Conference Call, First Half 2009 Results, July 30, 2009 (pdf)

Transcript of AIXTRON Analyst Earnings Conference Call, First Half 2009 Results, July 30, 2009 (pdf)

AIXTRON Investor Presentation, Spring/Summer 2009 including Q1/2009(pdf)

English wikipedia entry for Aixtron

German wikipedia entry for Aixtron

(much more to come, just posting it so you can start reading, hehe ...)

 

 

 

 

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#4) On October 13, 2009 at 1:43 AM, portefeuille (99.59) wrote:

www.lightimes.com

Aixtron: LED market boom not before 2013

a post on LED

LG Innotek Declares LED Bid

Outlook for the Worldwide High-Brightness LED Market (pdf)

LED Manufacturing Technologies & Costs (pdf)

Recent Progress in High Brightness LED Technology and Applications (pdf)

MOCVD for SSL - Productivity Challenges and Solutions (pdf)

WestLB, by the way today raised its "target price" for Aixtron to 24.30 EUR (ca. 35.90 USD) from 17.80 EUR (ca. 26.30 EUR) and changed the rating from "add" to "buy" (yes, I know ...). They also raised their earnings estimate. The consensus estimate for EPS2010 is at ca. 0.53 EUR, giving it currently a consensus P/E of ca. 39.

 

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#5) On October 13, 2009 at 2:28 AM, portefeuille (99.59) wrote:

------------------------

Emerging-Market Stocks Cut by Nomura on Valuations

By Stephen Kirkland and Laura Cochrane
Aug. 3 (Bloomberg)


...

Nomura removed Old Mutual Plc, the biggest insurer in Africa, ICICI Bank Ltd, India’s second-largest lender, and MTN Group Ltd., Africa’s largest mobile-phone company, from its recommended global portfolio, Scott said. It added General Electric Co., the world’s biggest non-bank financial company, Aviva Plc, Britain’s largest insurer, Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, Wells Fargo & Co., the fourth-largest U.S. bank by assets, and Samsung Electro- Mechanics Co., a South Korean electronic-parts maker.

...

------------------------

(emphasis mine)

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#6) On October 13, 2009 at 2:28 AM, portefeuille (99.59) wrote:

------------------------

Samsung Elec, affiliate in LED venture

Tue Feb 17, 2009 6:18am GMT

SEOUL, Feb 17 (Reuters) - Samsung Electronics (005930.KS: Quote, Profile, Research) and its component affiliate will set up a light emitting diode (LED) venture, a move to boost its presence in the rapidly growing market for energy-efficient lighting technology.
LEDs consume less power and last longer than traditional light sources and are increasingly used in products from mobile phones to flat-screen televisions.
Leading players in the LED business include Philips (PHG.AS: Quote, Profile, Research), Toshiba Corp (6502.T: Quote, Profile, Research) and Siemens' (SIEGn.DE: Quote, Profile, Research) unit Osram. In South Korea, LG Group's LG Innotek (011070.KS: Quote, Profile, Research) is also expanding its LED business.
Samsung said the global LED market was expected to grow by about 20 percent annually over the next five years, from $5.2 billion in 2009 to $12.7 billion in 2013, citing research firm studies.
Samsung and its affiliate Samsung Electro-Mechanics (009150.KS: Quote, Profile, Research) are to set up the 50-50 joint venture, tentatively named Samsung LED, by April, Samsung Electro-Mechanics said in a statement on Tuesday.
...

Samsung Electro-Mechanics, which runs an LED business that focuses more on LEDs used in mobile phones, said the venture would grow the business in the area of lighting and backlight units used in displays.
"As the manufacturing process for LEDs is similar to that of semiconductors, the joint venture would benefit from Samsung Electro-Mechanics' LED technology and Samsung Electronics' chip making capabilities," the statement said.
The cooperation would also help Samsung Electronics' drive in LED TVs, it said.
...

------------------------

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#7) On October 13, 2009 at 2:33 AM, portefeuille (99.59) wrote:

Samsung LED

AIXTRON financial reports

AIXTRON IR Presentations

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ANALYSE-FLASH: JPMorgan hebt Ziel für Aixtron auf 25 Euro - 'Overweight'

LONDON (dpa-AFX Broker) - JPMorgan hat das Kursziel für Aixtron von 20,00 auf 25,00 Euro angehoben und die Einstufung auf "Overweight" belassen. Er passe sein Bewertungsmodell an die langen Vorlaufzeiten von bis zu acht Monaten im LED-Werkzeuge Markt an, was zu einer deutlich früheren Belebung des Absatzes führe, schrieb Analyst Sandeep Deshpande in einer Studie vom Dienstag. Einer deutlichen Belebung des Beleuchtungsmarktes könnten weitere Anhebungen folgen./cmx/sf/ag

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(Aixtron still "overweight", target raised to 25 EUR)

 

 

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#8) On October 13, 2009 at 2:39 AM, portefeuille (99.59) wrote:

"LED stock recommendations".

VECO - Veeco Instruments
011070.KS - LG Innotek
009150.KS - Samsung Electro-Mechanics
001210.KS - Kumho Electric
CREE - Cree

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#463) On April 23, 2009 at 4:23 AM, portefeuille (99.99) wrote: VECO - 6.57 - outperform
#764) On September 02, 2009 at 4:31 AM, portefeuille (99.99) wrote: 009150.KS - 79.49 (99100 KRW) - outperform
#770) On September 04, 2009 at 4:03 AM, portefeuille (99.99) wrote: 011070.KS - 122.84 (152500 KRW) - outperform
#815) On October 03, 2009 at 8:10 PM, portefeuille (99.99) wrote: 001210.KS - 45.83 (54200 KRW) - outperform
#819) On October 06, 2009 at 11:20 PM, portefeuille (99.99) wrote: CREE - 36.65 - outperform
-----------------------------------------

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#9) On October 13, 2009 at 2:44 AM, portefeuille (99.59) wrote:

Aixtron in Frankfurt trading



enlarge

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#10) On October 13, 2009 at 3:07 AM, portefeuille (99.59) wrote:

-----------------------------------------

Cree Adding Green Jobs in North Carolina

Company Expanding U.S. Manufacturing of LED Chips and LED Lighting Products

    •    Press Release
    •    Source: Cree, Inc.
    •    On 4:30 pm EDT, Thursday October 8, 2009

DURHAM, N.C., Oct. 8, 2009 (GLOBE NEWSWIRE) -- Cree, Inc. (Nasdaq:CREE - News), a market leader in LED lighting, announces the expansion of its North Carolina manufacturing capacity and the addition of North Carolina-based green jobs as the market for energy-efficient LED lighting continues to expand.

Cree expects to add 275 North Carolina jobs during 2009 to serve the expansion of LED manufacturing capacity and other staffing needs at its Durham, N.C., facility. Cree anticipates creating an additional 300 jobs by the end of 2012.

"Green jobs are a cornerstone of my vision for building a 21st century global economy in North Carolina," Gov. Bev Perdue said. "This job announcement fits perfectly with my plan to grow a world-leading green economy in North Carolina that turns green into gold for decades to come."

Cree has also begun manufacturing and assembling LED lighting products with Flextronics in Mecklenburg County, N.C. Initial products made in this facility are the ENERGY STAR(R)-qualified LR6 recessed LED downlight and award-winning LR24 LED troffer replacement.

"We are seeing tremendous growth for LED lighting," said Cree CEO Chuck Swoboda. "Energy-efficient lighting has its roots right here in North Carolina, and Cree is proud to be bringing more green jobs to our state."

Cree's industry-leading line of LED lights, including recessed downlights and troffer replacements, began North Carolina production in August 2009.

...

-----------------------------------------

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#11) On October 13, 2009 at 3:17 AM, portefeuille (99.59) wrote:

AIXG is currently at ca. 20.99 EUR (31.00 USD).

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#12) On October 13, 2009 at 4:23 AM, GoodVibe4Ever (< 20) wrote:

How do you find these stocks? Do you have a criteria for selection or scanning? Rec 2 is from me.

GoodVibe

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#13) On October 13, 2009 at 7:38 AM, portefeuille (99.59) wrote:

No, I just read a lot of stuff.

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#14) On October 13, 2009 at 8:20 AM, portefeuille (99.59) wrote:

Aixtron share are not for the faint of heart, at least as of late ...

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#15) On October 13, 2009 at 10:17 AM, portefeuille (99.59) wrote:

ANALYSE-FLASH: Deutsche Bank hebt Ziel für Aixtron auf 26 Euro - 'Buy'

(target raised to 26.00 EUR from 16.50 EUR, still "buy")

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#16) On October 13, 2009 at 10:37 AM, portefeuille (99.59) wrote:

10/13/09 Deutsche Bank, still "buy", 16.50 EUR -> 26.00 EUR

10/12/09 WestLB, "add" -> "buy", 17.80 EUR -> 24.30 EUR.

10/09/09 Merriman Curhan Ford, still "buy", rev10e 355 MEUR -> 420 MEUR, eps10e 0.48 EUR -> 0.60 EUR, rev11e 450 MEUR, eps11e 0.65 EUR.

09/30/09 Close Brothers Seydler, "hold" -> "sell", eps09e 0.22 EUR, still 11.00 EUR

09/29/09 JPMorgan, still "overweight", 20.00 EUR -> 25.00 EUR.

09/29/09 Hamburger Sparkasse, "hold" -> "sell".

 

 

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#17) On October 13, 2009 at 11:49 AM, portefeuille (99.59) wrote:

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ANALYSE: Deutsche Bank hebt Ziel für Aixtron auf 26 Euro – 'Buy'

FRANKFURT (dpa-AFX Broker) - Die Deutsche Bank hat das Kursziel für Aixtron von
16,50 auf 26,00 Euro angehoben und die Einstufung auf 'Buy' belassen (Kurs:
21,53 Euro). Die Marktdurchdringung von LED-Fernsehern habe sich deutlicher
beschleunigt als angenommen, was die Nachfrage nach den Maschinen zur
Herstellung von LEDs steigen lassen dürfte, schrieb Analyst Uwe Schupp in einer
Studie am Dienstag. Der Erfolg sei hauptsächlich Samsung mit den neuen,
besonders dünnen (ultrathin/ultralight) LED-Fernsehern zu verdanken. Die bereits
zweimal durch das Aixtron-Management erhöhte Prognose sehe immer noch
konservativ aus.


Ein Beispiel für eine mögliche Geschwindigkeit, mit der LEDs ihren Siegeszug
antreten könnten, sei der Notebook-Markt. Hier sei die Marktdurchdringung von
unter einem Prozent 2007 auf 10 Prozent 2008 gestiegen und könnte im kommenden
Jahr die Marke von 80 Prozent knacken. Erfahrungsgemäß gebe es bei neuen
Technologien einen Wendepunkt, wenn eine Marktdurchdringung von 10 bis 20
Prozent erreicht sei. Schupp wollte nicht ausschließen, dass dies im
LED-TV-Markt im dritten Quartal 2009 bereits soweit sein könnte.

Zudem gebe es Spekulationen, dass große Halbleiterkonzerne in den LED-Markt
einsteigen wollen. Ein weiterer großer Markt für LEDs – als generelles
Beleuchtungsmittel - sei allerdings noch ein paar Jahre entfernt. Allerdings
gehe Philips Electronics davon aus, dass die Chance für LEDs nun näher sei als
je zuvor. Das Unternehmen erwarte, dass 2015 bereits 50 Prozent des
Lampenmarktes LED-basiert sein werde, 2020 bereits 90 Prozent. Aktuell liege der
Anteil allerdings bei lediglich zwei Prozent. Noch habe er diesen Markt nicht in
seine Schätzungen mit einbezogen. Allerdings könne das Lampengeschäft allein den
Markt für LEDs um das drei- bis fünffache oder mehr wachsen lassen.

Mit der Einstufung 'Buy' sagt die Deutsche Bank der Aktie für die kommenden
zwölf Monate einen Gesamtertrag von mindestens 10 Prozent voraus./dr/rum

Analysierendes Institut Deutsche Bank.

Quelle: dpa-AFX

-----------------------------------------

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#18) On October 13, 2009 at 11:52 AM, portefeuille (99.59) wrote:

translate from German to English via google translate

translate from German to English via yahoo babelfish

German dictionary at leo.org

 

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#19) On October 13, 2009 at 12:59 PM, portefeuille (99.59) wrote:

-----------------------------------------

News - 13.10.09 18:40
DGAP-Stimmrechte: AIXTRON AG (deutsch)
1 WpHG mit dem Ziel der europaweiten Verbreitung
AIXTRON AG / Veröffentlichung einer Mitteilung nach § 21 Abs. 1 WpHG (Aktie)
13.10.2009
Veröffentlichung einer Stimmrechtsmitteilung, übermittelt durch die DGAP - ein Unternehmen der EquityStory AG. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
---------------------------------------------------------------------------
Die Fidelity Management & Research Company, Boston, MA, USA, hat uns gemäß § 21 Abs. 1 WpHG am 09.10.2009 mitgeteilt, dass ihr Stimmrechtsanteil an der AIXTRON AG, Kaiserstraße 98, 52134 Herzogenrath, Deutschland, ISIN: DE000A0WMPJ6 , WKN: A0WMPJ am 08.10.2009 die Schwelle von 10% der Stimmrechte unterschritten hat und an diesem Tag 9,79% (das entspricht 8945340 Stimmrechten) betragen hat. 9,79% der Stimmrechte (das entspricht 8945340 Stimmrechten) sind der Gesellschaft gemäß § 22 Abs. 1, Satz 1, Nr. 6 WpHG zuzurechnen. Die Zurechnung der Stimmrechte erfolgte unter anderem durch den Fidelity Investment Trust, welcher 3% oder mehr der Stimmrechte an der AIXTRON AG hält.
13.10.2009 Finanznachrichten übermittelt durch die DGAP
--------------------------------------------------------------------------- Sprache: Deutsch Unternehmen: AIXTRON AG Kaiserstr. 98 52134 Herzogenrath Deutschland Internet: www.aixtron.com Ende der Mitteilung DGAP News-Service ---------------------------------------------------------------------------

Quelle: dpa-AFX

-----------------------------------------

(Fidelity Management & Research Company held 9.79% of shares (voting rights) as of 10/08/09, held more than 10% before.)

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#20) On October 13, 2009 at 1:12 PM, portefeuille (99.59) wrote:

Rubicon Shines Brightly Behind The Market For LED Televisions

-----------------------------------------

Short supply of MOCVD tool hampers LED supply

Thursday, October 01, 2009
    •    Analysis by: Munisamy Anandan
    •    Analysis of: Global shortage of epitaxial LED wafers will not ease until 2012, says Epistar chairman | www.digitimes.com
    •    Source: www.glgroup.com

Summary:
(1) There are only two major suppliers for MOCVD tool for the entire LED chip manufacturing industry and any boom in LED market will put heavy pressure on these two suppliers
(2) LED lighting market and LEB backlight for notebook are growing rapidly and to meet this demand a competitor for MOCVD tool needs to be born.
(3) Is it time to refresh the rumor of Applied Materials Inc coming in to this game?

Analysis:
The news item is from Epistar which bought 150th MOCVD tool from Aixtron. They had celebration for the 150th tool. According to the news, the demand for LEDs in Notebook alone is 25 Billion in 2010. To meet this demand alone 140 MOCVD tools are required by LED chip manufacturers. They need to run at full capacity utilization. The tool makers can procure only 100 tools although orders have been already placed. On top of this the demand for lighting market is not taken in to the equation. Once the tools are received it takes one year to supply the chips to the customers. in 2010 short supply of LEDs are expected.

There are three known MOCVD tool manufacturers and they are (i) Veeco (ii) Aixtron (iii)  Taiyo Nippon Sanso Corp. The two major tool manufacturers are the first two and they dominate the entire global market. They can not meet the global demand for the tools. There was a rumor for sometime that Applied Materials Inc may enter this market. Applied Materials Inc has MOCVD process but that is for 'trench coating' in ICs using TiN process. They do not have InGaN process. The MOCVD process for LED fabrication is a complicated process. Any big company like Applied Materials Inc wants to grab the opportunity of the booming demand for LED, the quickest way of seizing the opportunity is either through partnership with the expert companies or acquisition of the major players. Veeco or Aixtron is not for sale but may be for partnership.

Whatever happens is not going the ease the LED supply position. White LED supply in 2010 will be tight and the price of white LED will rise because the price is already at the bottom. There will be a rise in Notebook price that employ LED backlight. This may be the time for CCFL backlight to be back with more share it lost to LED backlight.

-----------------------------------------

(emphasis mine) 

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#21) On October 13, 2009 at 1:16 PM, portefeuille (99.59) wrote:

LED backlight- impending market explosion in Notebook

LEDs go nore in to LCD than illumination

LED business is lucrative even during economic downturn

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#22) On October 13, 2009 at 9:41 PM, portefeuille (99.59) wrote:

a post on LED

a post on LED by chk999

another post on LED by chk999

 

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#23) On October 13, 2009 at 10:39 PM, portefeuille (99.59) wrote:

Maybe it would be a good idea to buy a "basket of LED stocks". These are the ones I mentioned above (they all to some extent "have to do with LED" ...).

AIXG - AIXTRON
VECO - Veeco Instruments
CREE - Cree
011070.KS - LG Innotek
009150.KS - Samsung Electro-Mechanics
001210.KS - Kumho Electric

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#24) On October 14, 2009 at 1:31 AM, portefeuille (99.59) wrote:

some background info.

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#25) On October 14, 2009 at 7:59 AM, portefeuille (99.59) wrote:

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#26) On October 14, 2009 at 8:22 AM, portefeuille (99.59) wrote:

-----------------------------------------

14.10.2009 13:58
Credit Suisse hebt Ziel für Aixtron auf 18 Euro - 'Neutral'

Credit Suisse hat das Kursziel für Aixtron vor Quartalszahlen deutlich von 12,80 auf 18,00 Euro angehoben, die Einstufung aber auf "Neutral" belassen. Analyst Karsten Iltgen hob in einer Studie vom Mittwoch seine Prognosen für den Auftragseingang um 20 Millionen Euro pro Quartal an, um die anhaltende Stärke der Branche zu reflektieren. Die Gewinnprognosen je Aktie für 2009 bis 2011 für den Spezialmaschinenbauer stiegen daher um bis zu 41 Prozent. Allerdings machten die zyklischen Schwankungen des Marktes einen erneuten Abschwung wahrscheinlich, bevor vom Wachstum im LED-Beleuchtungssegment deutlicher profitiert werden könne. Der Auftragseingang dürfte im dritten Viertel im Vergleich zum Vorquartal um 64 Prozent auf 95 Millionen Euro gestiegen sein.
AFA0050 2009-10-14/13:58

-----------------------------------------

Credit Suisse, still "neutral", target raised to 18.00 EUR from 12.80 EUR, eps estimates for 2009-2011 raised by "up to 41%".

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#27) On October 14, 2009 at 8:29 AM, DEALWITHTHEDAY (60.09) wrote:

I have one question, when do you sleep? I know sleep is over rated.

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#28) On October 14, 2009 at 8:29 AM, portefeuille (99.59) wrote:

-----------------------------------------

14.10.2009 13:45 Uhr
ANALYSE: Credit Suisse hebt Ziel für Aixtron auf 18 Euro - 'Neutral'

FRANKFURT (dpa-AFX Broker) - Credit Suisse hat das Kursziel für Aixtron <AIXA.ETR> vor Quartalszahlen von 12,80 auf 18,00 (Kurs: 22,99) Euro angehoben, die Einstufung aber aus Bewertungsgründen auf "Neutral" belassen. Analyst Karsten Iltgen hob in einer Studie vom Mittwoch seine Prognosen für den Auftragseingang um 20 Millionen Euro pro Quartal an, um die anhaltende Stärke der Branche zu reflektieren. Die Gewinnprognosen je Aktie für 2009 bis 2011 für den Spezialmaschinenbauer stiegen daher um bis zu 41 Prozent.
Allerdings machten die zyklischen Schwankungen des Marktes einen erneuten Abschwung wahrscheinlich, bevor vom Wachstum im LED-Beleuchtungssegment deutlicher profitiert werden könne. Iltgen sieht die Gefahr eines Höhepunktes in 2010 und einer anschließenden Abschwächung in 2011. Die Auftragslage in der LED-Ausrüsterbranche könnte ihren Höhepunkt im zweiten Halbjahr 2009 erreichen.
Das Hauptaugenmerk für den Quartalsbericht liege daher beim Auftragstrend. Zunächst dürfte der Auftragseingang im dritten Viertel im Vergleich zum Vorquartal um 64 Prozent auf 95 Millionen Euro gestiegen sein. Für das vierte Quartal dürfte eine weitere Steigerung avisiert werden. Das Unternehmen dürfte die eigenen Ziele beim Umsatz auf 230 bis 250 Millionen Euro hochschrauben und bei der EBIT-Marge auf 12 bis 13 Prozent, so der Experte.
Wettbewerber Veeco lege am 26. Oktober Zahlen vor und damit drei Tage vor Aixtron. Iltgen erinnerte daran, dass Veeco im Juli außerordentliche Auftragsdaten präsentiert habe und eingestehen musste, dass diese mit Blick auf das vierte Quartal schwer zu halten seien.
Mit der Einstufung "Neutral" rechnet die Credit Suisse auf Sicht von zwölf Monaten mit einem im Branchendurchschnitt um zehn Prozent besseren oder schlechteren Gesamtertrag (Kursgewinn plus Dividende) der Aktie./ag/rum
Analysierendes Institut Credit Suisse.
----------------------- dpa-AFX Broker - die Trader News im dpa-AFX ProFeed -----------------------

-----------------------------------------

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#29) On October 14, 2009 at 10:37 AM, portefeuille (99.59) wrote:

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#30) On October 14, 2009 at 10:46 AM, portefeuille (99.59) wrote:

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#31) On October 30, 2009 at 2:17 AM, portefeuille (99.59) wrote:

9-Month Report 2009 (pdf)

10/29/09 Commerzbank, still "reduce", 18.40 EUR.
10/29/09 Unicredit, "hold" -> "buy", 16.00 EUR -> 23.00 EUR, eps10e 0.53 EUR -> 0.72 EUR, eps11e 0.70 EUR -> 0.90 EUR.
10/29/09 SES Research, still "hold", 10.00 EUR -> 17.50 EUR.
10/29/09 equinet AG, still "accumulate", 25.00 EUR.
10/29/09 WestLB, still "buy", 24.30 EUR.
10/13/09 Deutsche Bank, still "buy", 16.50 EUR -> 26.00 EUR.
10/12/09 WestLB, "add" -> "buy", 17.80 EUR -> 24.30 EUR.
10/09/09 Merriman Curhan Ford, still "buy", rev10e 355 MEUR -> 420 MEUR, eps10e 0.48 EUR -> 0.60 EUR, rev11e 450 MEUR, eps11e 0.65 EUR.
09/30/09 Close Brothers Seydler, "hold" -> "sell", eps09e 0.22 EUR, still 11.00 EUR.
09/29/09 JPMorgan, still "overweight", 20.00 EUR -> 25.00 EUR.
09/29/09 Hamburger Sparkasse, "hold" -> "sell".
05/07/09 Unicredit, "hold" -> "buy", 4.00 EUR -> 8.00 EUR.

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#32) On October 30, 2009 at 2:22 AM, portefeuille (99.59) wrote:

-----------------------------------------
Ad Hoc: AIXTRON Aktiengesellschaft generates gross proceeds of approx. EUR 159.4 million from capital increase

Aachen/Germany, October 29, 2009 – AIXTRON Aktiengesellschaft (ISIN DE000A0WMPJ6), is increasing its share capital by approximately 9.8 per cent through use of authorized capital and excluding shareholders’ subscription rights.

The 8,979,937 new registered shares (shares without par value) were subscribed by investors via an accelerated bookbuilding process, the placement has been oversubscribed. The placement price was € 17.75 per share. The gross proceeds for the Company from the capital increase amount to approximately EUR 159.4 million. The proceeds from the issue will be used to strengthen the Company's balance sheet, to support higher capital spending and further growth of the Company.

The new shares will be admitted for trading without a sales prospectus in the regulated market of the Frankfurt Stock Exchange with a simultaneous listing in the Prime Standard segment of the Frankfurt Stock Exchange, which has enhanced disclosure obligations. The shares qualify for a dividend from January 1, 2009. Due to the necessary technical steps to consummate the described transaction, the delivery of the new shares and settlement is expected to occur on Tuesday, November 3, 2009.

Joint Lead Managers and Joint Book Runners for the transaction are Deutsche Bank Aktiengesellschaft and J. P. Morgan Securities Ltd.

AIXTRON Aktiengesellschaft
Management Board

...

-----------------------------------------

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#33) On October 31, 2009 at 3:10 PM, portefeuille (99.59) wrote:

10/30/09 WGZ Bank, still "buy", eps09e 0.24 EUR -> 0.36 EUR, eps10e 0.30 EUR -> 0.48 EUR.
10/30/09 Exane BNP Paribas, "neutral" -> "outperform", 12.30 EUR -> 27.00.
10/30/09 Independent Research, still "buy", eps09e 0.24 EUR -> 0.36 EUR, eps10e 0.30 EUR -> 0.48 EUR, 24.00 EUR.
10/30/09 equinet, "accumulate" -> "buy", 25.00 EUR -> 24.00 EUR.
10/30/09 JPMorgan, still "overweight", 25.00 EUR.
10/29/09 Close Brothers Seydler, "sell" -> "hold", eps09e 0.22 EUR -> 0.38 EUR, eps10e 0.30 EUR -> 0.40 EUR, 9.90 EUR -> 20.00 EUR.
10/29/09 Hamburger Sparkasse, "hold" -> "buy".
10/29/09 Commerzbank, still "reduce", 18.40 EUR.
10/29/09 Unicredit, "hold" -> "buy", 16.00 EUR -> 23.00 EUR, eps10e 0.53 EUR -> 0.72 EUR, eps11e 0.70 EUR -> 0.90 EUR.
10/29/09 SES Research, still "hold", 10.00 EUR -> 17.50 EUR.
10/29/09 equinet AG, still "accumulate", 25.00 EUR.
10/29/09 WestLB, still "buy", 24.30 EUR.
10/13/09 Deutsche Bank, still "buy", 16.50 EUR -> 26.00 EUR.
10/12/09 WestLB, "add" -> "buy", 17.80 EUR -> 24.30 EUR.
10/09/09 Merriman Curhan Ford, still "buy", rev10e 355 MEUR -> 420 MEUR, eps10e 0.48 EUR -> 0.60 EUR, rev11e 450 MEUR, eps11e 0.65 EUR.
09/30/09 Close Brothers Seydler, "hold" -> "sell", eps09e 0.22 EUR, still 11.00 EUR.
09/29/09 JPMorgan, still "overweight", 20.00 EUR -> 25.00 EUR.
09/29/09 Hamburger Sparkasse, "hold" -> "sell".
08/18/09 WGZ Bank, "reduce" -> "accumulate", 11.50 EUR -> 14.00 EUR.
05/07/09 Unicredit, "hold" -> "buy", 4.00 EUR -> 8.00 EUR.

... and so on. "you get the picture" ...

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#34) On November 12, 2009 at 9:22 PM, portefeuille (99.59) wrote:

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Trouble in TV Land

Struggling LED Unit Could Hurt LG's TV Business

By Kim Yoo-chul
Staff Reporter

LG Electronics, the world's second-largest flat-screen television maker, can ill afford to lag behind in light-emitting diode (LED) backlit liquid-crystal display (LCD) televisions, which is the product of the moment in the consumer electronics industry.

However, the recent struggles of LG Innotek, LG Group's electronics parts maker that provides LED chips and modules to LG Electronics, just might be enough to derail the company's bid for world television supremacy.

LG, one of South Korea's biggest conglomerates, has been pushing to "vertically integrate" its key business units to lower the production costs for LCD televisions with LED backlighting, a premium segment in the television market. And the role of LG Innotek was considered a key part of the puzzle.

Improving cost competitiveness is critical for LG Electronics, which has already seen its bitter industry rival, Samsung Electronics, the world's largest television maker, benefit from getting out of the gate early with its LED-backlit models.

Giving more power to specialized parts units such as LG Innotek and LG Display, instead of having LG Electronics handle LED chips and LCD screens internally, was also believed to allow the firm's consumer electronics products to retain a competitive edge.

However, group officials have to be concerned about the recent struggles of LG Innotek, which continues to see its stock prices plummet and its ability to supply LED chips questioned.

LG Innotek's current stock prices have dropped about 40 percent since September and industry watchers are casting a murky outlook.

"LG Electronics' LED TV strategy is highly reliant on the production capability of LG Innotek in LED chips, and also LG Display's ability to provide the panels," an industry source told The Korea Times, Wednesday.

"The drop in stock prices reflects the worries of investors over LG Innotek's capability to finance its LED business. There are also uncertainties over the market conditions for LED products."

LG Innotek, which makes LED components and LCD modules, said it planned to invest 1.15 trillion won (about $970 million) by the end of 2010 to boost its production capability.

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#35) On November 19, 2009 at 4:46 AM, portefeuille (99.59) wrote:

Korea’s Top 3 LED Makers Exceed KRW 1 Trillion in Revenue

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#36) On November 25, 2009 at 5:32 AM, portefeuille (99.59) wrote:

Build a Better Bulb for a $10 Million Prize

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#37) On December 09, 2009 at 10:20 AM, portefeuille (99.59) wrote:

other "LED stocks". Everlight Electronics (2393.TW) and Rubicon Technology (RBCN).

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#38) On January 14, 2010 at 7:16 AM, portefeuille (99.59) wrote:

From Disk Drives To LEDs

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