ASML Holding - Q3 fine, but weak orders means a flat FY24
Sales and profits slightly above our estimates and CSS, guidance Q4 in lineOrder intake Q3 was very weak, and thus management expects FY24 sales to be flat y/y, while preparing for strong growth in FY25We will trim our estimates, and we put our TP under review. Buy reiteratedASML 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.
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