ASM International Strong order intake, higher costs, weak 1H24 outlook
ASMi reported a strong order intake in 4Q23 of € 678m (KBCS: € 600, CSS: € 637) and revenues slightly above expectations of € 633m (KBCS: € 620m, CSS: 625). Nevertheless, although in line with our estimates, normalized EBIT of € 141 was below CSS at € 147m due to higher costs. Furthermore, ASM reported an FX headwind of € 25m. These components drive lower than expected normalized net earnings of € 100m (KBCS: € 120m, CSS: € 129m). The outlook for 2025 remains unchanged, while the outlook for 1H24 and the absence of 2H24 outlook, disappoints. As expected ASMi announced a SBB of € 150m to be executed within the next 2 years. We anticipated weakness and thus maintain our TP of € 432 and reiterate our Reduce rating.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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