ASM International Takeaways from London TMT Conference 2026

研报英文原文证据摘录

ASM International Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

21 May 2026

ASM International Overweight

ASMI.AS, ASM NA

Takeaways from London TMT Conference 2026 Price (21 May 26):€866.40

Price Target (Dec-27):€930.00

We hosted ASMI CFO Paul Verhagen at our London TMT Conference for a European Tech Hardware &

fireside chat. The takeaways are: Payments

Sandeep Deshpande AC

• Sales trends impacted by stronger China trends: The co. indicated that the (44-20) 7134-5276

Q1 improvement was to a large extent due to a shift in China demand; with sandeep.s.deshpande@jpmorgan.com

advanced foundry trends already strongly improving secularly, though we did Craig A McDowell

not sense a step change in advanced foundry. The co. also saw memory growth (44-20) 7742-4576

(excluding China) also continuing (although memory is a small % of ASM craig.mcdowell@jpmorgan.com

sales). Key change vs. prior expectations is that ASMI is seeing strong China Anthony Girard

growth in 1H (vs prior expectations of China down YoY), driven by AI (44-20) 3493-6469

acceleration, share gains and pull-forward behavior amid export-control anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

concerns (strong demand in H1 with potential to extend into H2). Mix-wise,

China revenue is expected to be weighted to mature foundry, with a recovering Specialist Sales contact details:

but still small absolute contribution from power wafer/analog. Policy/ Scott Silver - Specialist Sales -

regulatory uncertainty remains (MATCH Act implications and shipping European TMT

restrictions). On competition, local competitor Naura is growing in ALD/ (44-20) 7134-0412

epitaxy, but ASMI believes it will continue to deliver superior value as scott.silver@jpmorgan.com

evidenced by its share gains.