Report
Frederic Yoboue

ASML - BUY Top Picks | EUR480(+10%) Very strong Q4 results; excellent traction from memory and logic to continue in Q1

ASML - BUY Top Picks | EUR480(+10%)
Very strong Q4 results; excellent traction from memory and logic to continue in Q1

Beating expectations by a wide margin
Very strong order intake including a good level of EUV tools
2021 guidance is slightly above consensus
Underlying
ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Frederic Yoboue

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