An update has just come out today on ASM International N.V. (ASMI), in which senior semiconductor analyst Ken Nagy, CFA is restating his Hold rating on the company.  We excerpted the following details:

'ASM International is an original equipment manufacturer (OEM) of both front-end and back-end semiconductor manufacturing equipment. June quarter top-line and bottom-line results were in line with consensus estimates.

'The back-end business has gained significant momentum in the past several quarters, while the front-end business has struggled to become profitable. Although management mentioned they are open to discuss splitting up the two ends, they now appear to be leaning toward keeping the company together.

'We believe that the market may have been overly optimistic in bidding up the shares. We continue to rate shares of ASMI a Hold.

'ASMI currently trades at a 22.0 multiple of our fiscal 2008 earnings estimate (P/E). Note that our pro forma earnings estimates exclude foreign exchange gains/losses and use the spot rate as a forward exchange rate proxy. The company has a unique position in the front- and back-end of the semiconductor manufacturing equipment market. ASMI also has a growing presence in Asia.'