ASML When in doubt, Zoom out
In this note we take a broader look at the Semi Market. Data shows that inventories are elevated and will remain elevated even after 2023. Furthermore, is capital intensity of Semiconductor Producers at record high levels. On the other hand, we increase our outlook as we are more bullish on DUV systems, ASP's and to a lesser extend AI. This results in a Target Price of € 655 and a Hold Rating.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.
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