Quick Silver: ASML | Roger That - Spec Thoughts Post Call: EU TMT Sector Specialist Commentary Tech•Media•Tech

研报英文原文证据摘录

Quick Silver: ASML | Roger That - Spec Thoughts Post Call: EU TMT Sector Specialist Commentary Tech•Media•Tech

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 15 July 2026

Quick Silver: ASML | Roger That - Spec Thoughts Post Call

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

Shares are bouncing around having dipped into the red during the earnings call, a disappointing price reaction given

management’s notably constructive tone (I don’t think they could be more bullish). Desk flow is currently two-way, although

there is a better skew to long-only sellers. On the call, management has been more bullish than expected on both pricing and

capacity. On Low-NA EUV, Roger highlighted that ongoing productivity improvements continue to create room for price

increases under ASML’s value-based pricing model, adding that the current demand environment gives the company more

pricing flexibility than in the past because of the value its tools deliver to customers. They also highlighted a favourable 2027

mix shift, with shipments moving almost entirely to higher-value E and F systems as D systems are effectively sold out,

implying higher ASPs and a more supportive gross margin profile versus 2026. On capacity, they were clear that the planned

85 EUV tools in 2027 reflects today’s supply-demand balance rather than a hard ceiling, emphasizing they would increase

output further if customer demand requires it. Management also said the planned expansion to 110 tools in 2028 can be

achieved within the existing footprint through clean-room optimization, reinforcing confidence in their ability to support

stronger demand.