ASM International: 2Q26 Preview: We expect the company to guide FY26 sales ahead of consensus

研报英文原文证据摘录

ASM International: 2Q26 Preview: We expect the company to guide FY26 sales ahead of consensus

J P M O R G A N Europe Equity Research

21 July 2026

ASM International Overweight

ASMI.AS, ASM NA

2Q26 Preview: We expect the company to guide FY26 Price (20 Jul 26):€856.80

sales ahead of consensus Price Target (Dec-27):€1,174.00

• Strong beneficiary of increased spending in advanced logic/foundry. AI European Tech Hardware &

demand for leading edge logic is driving strong investments to capture growth Payments

with all major players gaining traction and investing aggressively. TSMC has Sandeep Deshpande AC

indicated significantly higher capex in the coming years and our TSMC analyst (44-20) 7134-5276

Gokul Hariharan now expects FY26/27/28 capex of $62bn/$81bn/$90bn, sandeep.s.deshpande@jpmorgan.com

directed at the strong buildout plans for N2, N3 (70-80%) and advanced Craig A McDowell

packaging (his prior capex estimates were $58bn/78bn/84bn). He also expects (44-20) 7742-4576

leading edge capacity (N5 and below) to increase at a 24% CAGR from 2026- craig.mcdowell@jpmorgan.com

28. TSMC capex ramp is also a function of competitors gaining traction, with Anthony Girard

(44-20) 3493-6469

Intel and Samsung both speculated to have secured wins with leading anthony.girard@jpmorgan.com

customers. Intel has changed its messaging with now a roadmap going to 7A J.P. Morgan Securities plc

and the 18A being in HVM with yields having significantly improved

according to industry sources. Samsung is in a similar position with Tesla's AI5 Specialist Sales contact details:

chip, having reached tape-out for the 2nm-class process, and reports that Scott Silver - Specialist Sales -

Anthropic has chosen Samsung to manufacture AI chips at 2nm as well. European TMT

(44-20) 7134-0412