ASM International Strong 3Q25 results, weak order intake and 4Q25 outlook
ASMi revenues were above expectations driven by advanced logic/foundry demand. Gross profit margin benefited from a favorable product mix, supported by China. This combined with lower SG&A cost resulted in a better than expected adj. EBIT. However, order intake and 4Q25 outlook disappoint. FY25 guidance of approximately 10% y/y growth at CER is unchanged although we expect FY25 estimates to decrease with 1-2%. We expected large headwinds for ASMi from China in the short term. However, in the long run they are very well positioned. We see this as an opportunity to increase exposure to ASMi as it is our favorite pick in a richly valued sector. We maintain our TP of € 567 and Accumulate recommendation.ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
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