BESI Investor Day – A Closer Look Behind the Optimism

BESI – A Fantastic Company, but Fantastical Expectations

BESI hosted another well-organized and successful Investor Day last week.
As always, the company positioned itself as a back-end industry evangelist, promoting the growing importance of Advanced Packaging as a fundamental driver of performance gains at the lowest possible cost.

And indeed, with industry-leading gross margins and high-end equipment, BESI is well positioned to benefit from increased demand for Advanced Packaging solutions.

Still, we left with our prior concerns we raised in our recent Spaces reinforced — particularly regarding the overly optimistic way BESI presents its business outlook.

Below, we outline several key concerns raised by the presentation and its implied assumptions.