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Infineon Equity Underperforms On Peer Profit Warnings; Spreads Steady

TECHNOLOGY

Rating: NR/BBB+


  • Infineon’s equity was one of the worst WoW performers last week, falling close to 7% compared to the broader SXXP which was flat.
  • Bulk of the move seems to have come on SMA Solar cutting revenue and op profit forecasts, sparking question of a delayed recovery in the solar inverter market, a large market for semiconductors.
  • BI also noted that outlook softening from US manufacturer Jabil may increase pressure on Infineon targets; “expectations for growth in our automotive and transportation business has softened further” and “in particular, the market in China has been impacted due to overcapacity resulting in a surplus of cars affecting local demand there”.
  • EUR spreads performed broadly in line with other Tech names through the equity weakness.
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