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

研报英文原文证据摘录

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

J P M O R G A N Europe Equity Research

19 June 2026

ASM International Overweight

ASMI.AS, ASM NA

Strength in demand should see co. achieve more than Price (18 Jun 26):€1,063.00

2030 guidance in 2028 itself ▲Price Target (Dec-27):€1,174.00 Prior (Dec-27):€930.00

• ASMI’s market potential has significantly improved: In 2025, it seemed

like ASM International would have only one major semiconductor European Tech Hardware &

Payments 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 Sandeep Deshpande AC

past few months with new logic players emerging while older ones previously (44-20) 7134-5276

sandeep.s.deshpande@jpmorgan.com

thought to be not innovating are delivering next-generation processes with

improved yields. Thus, ASMI now has 5 potential logic customers: TSMC Craig A McDowell

(44-20) 7742-4576

which is the most important, followed by Intel which is gaining traction at craig.mcdowell@jpmorgan.com

various US fabless companies while its 18A process is in high-volume

Anthony Girard

production, 14A is advancing towards 0.9 PDK and the co. has a roadmap with (44-20) 3493-6469

10A and 7A processes on it; Samsung has signed up a major customer - Tesla anthony.girard@jpmorgan.com

while its second-generation 2nm process is showing improving yields. J.P. Morgan Securities plc

Samsung has reportedly also signed up other customers. Rapidus in Japan is

Specialist Sales contact details: 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, Scott Silver - Specialist Sales -