ASML on Track to Enjoy Steady Rise in Sales Over 2019 Thanks to EUV; Shares Overvalued
ASML reported first-quarter results slightly ahead of our expectations thanks to an additional extreme ultraviolet shipment in the quarter. Management echoed what has been the semiconductor industry narrative of a second-half recovery. The pause in equipment spending by memory customers has been the chief culprit of the recent weakness faced by ASML and its peers. Memory demand for ASML’s lithography systems is slated to be down 20% for 2019. We still expect ASML to generate overall annual top-l...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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