AT&S Austria Technologie & Systemtechnik AG

AT&S, based in Leoben, is a leading maker of high-end printed circuit boards and the advanced substrates that connect powerful processors to their surroundings, supplying customers in computing, smartphones, cars and industry. It is investing heavily to expand into the fast-growing market for chip substrates. AT&S pays a modest dividend, but heavy investment and the sharp swings of the electronics cycle have pressured profits and at times the payout. A small, variable yield defines its profile; the stock is bought mainly for its exposure to advanced electronics rather than for dependable income.