ASM International rose by 8.6% in Amsterdam following a strong report from the semiconductor industry equipment supplier, with better-than-expected performance in the first 3 months of the year and very promising outlook.
“Figures and outlook above expectations according to Oddo BHF…”
The adjusted net result for the first quarter came in at 246 million euros, 20% above consensus according to Oddo BHF, supported by a record adjusted EBIT margin of 33.1% (compared to the expected 28.6%) and a 3% revenue growth to 863 million euros (3% above consensus).
“The momentum continues to be driven by advanced logic/foundry, as customers intensify their investments in the current key nodes to support the increase in AI demand in 2026 and beyond,” highlighted Oddo BHF.
Also noting ASM’s second quarter revenue forecast exceeding expectations by 10% to 980 million euros, the research firm raised its own forecasts for 2026/27, as well as its price target from 920 to 1,000 euros, maintaining its “outperform” rating.
“…and praised by KBC Securities and ING”
While maintaining a “hold” recommendation, KBC Securities raised its price target from 658 to 770 euros, also commending “a strong first quarter, with even better prospects for the second quarter.”
“The gross margin (53.3%) exceeded consensus by 320 basis points, driven by a favorable product and client mix, resulting in a higher-than-expected net profit,” it emphasized.
“With the first half of 2026 now significantly above expectations, we anticipate upward revisions to the forecasts for the second half of 2026,” ING stated, maintaining its “buy” recommendation on ASM International.
The Dutch bank, still targeting 950 euros for the stock, expects consensus forecasts for 2026 to increase by up to 10% for revenue and around 20% for EBIT.
