Besi shares tumble as Q3 outlook disappoints
** Shares in Besi BESI.AS slump 12% as the chip assembly equipment maker's Q3 outlook disappoints amid declining sales for non-AI related products
** The chip assembly equipment maker forecasts broadly flat sales in Q3 vs 151.2 million euros in Q2, and a gross margin of 64%-66% vs 65% in Q2
** The mainstream business is in a deeper downturn than the reported numbers suggest, Degroof Petercam says, as around 50% of Besi's orders in the past 12 months were for AI-applications
** "PC and smartphone shipments are ex-growth, automotive, industry, and consumer electronics end markets have been sluggish, and sales of the foundry sector are going nowhere, with TSMC being the sole AI-driven exception," Degroof adds
** The Q3 results were a "mixed bag" and sales guidance came short of expectations, Stifel says
** ING notes Besi's Q3 guidance follows the weak outlook of peer ASMPT 0522.HK
** The stock is second weakest performer on Amsterdam's AEX .AEX index, tracking its worst day since March if losses hold
Reporting by Dagmarah Mackos
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