JPM | FTM | Today’s Research | Europe

研报英文原文证据摘录

JPM | FTM | Today’s Research | Europe

Europe Equity Research

Europe First to Market 19 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

ASM International (Sandeep Deshpande) (ASM NA, OW)

Strength in demand should see co. achieve more than 2030 guidance in 2028 itself

ASMI’s market potential has significantly improved: In 2025, it seemed like ASM International would have only one major

semiconductor manufacturer as a customer given that the company was primarily a semi-cap supplier in the logic market. The

environment has substantially changed in the past few months with new logic players emerging while older ones previously

thought to be not innovating are delivering next-generation processes with improved yields. Thus, ASMI now has 5 potential

logic customers: TSMC which is the most important, followed by Intel which is gaining traction at various US fabless companies

while its 18A process is in high-volume production, 14A is advancing towards 0.9 PDK and the co. has a roadmap with 10A and

7A processes on it; Samsung has signed up a major customer - Tesla while its second-generation 2nm process is showing

improving yields. Samsung has reportedly also signed up other customers. Rapidus in Japan is proceeding with development

of its 2nm process and supply chain indications are that it has also ordered a couple of EUV tools that will be delivered in ‘26,

‘27. Supply chain indications are also that Terafab has already placed orders for a pilot line.

European Building Materials and UK Housebuilders (Elodie Rall/Zaim Beekawa)

J.P. Morgan European Industrials Conference Feedback

We hosted our 24th European Industrials CEO Conference on 16th and 17th June and from the Building Materials sector, we