AMS Osram - comment

AMS Osram has just concluded its conference call of its Q1 2023 results, but there was no change in tone and outlook despite the new CEO speaking. As we have modelled, Q1 actuals and Q2 expectations remain negative. However, the new CEO has acknowledged the upcoming maturities (February 2025) and is expected to meet creditor and equity investors in the coming weeks. AMS Osram continue to have increased CAPEX, mainly related to their 8” LED plant in Malaysia putting further pressure on cash levels.

Although the Company are expecting an uptick in H2 2023, they have only provided actual guidance for Q2. We are in the process of updating our model.