ASM International: Share gains becoming increasingly evident. Buy.

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ASM International: Share gains becoming increasingly evident. Buy.

Global Research

30 July 2026ab

ASM International Equities

NetherlandsShare gains becoming increasingly evident. Buy.

Semiconductors

12-month rating Buy

Increasing evidence of WFE share gains

Despite positioning and AI-related sentiment headwinds, Q2 results provided further 12m price target €1,275.00

evidence that ASMI is gaining share. We expect the company to outgrow WFE in 2026 Prior : €1,150

despite only ~15% memory exposure versus ~25-35% for peers, highlighting the

Price (28 Jul 2026) €756.00

strength of its product portfolio. Recent EPI and ALD design wins reinforce our view that

ASMI can continue to outperform WFE over the next several years. Trading at 23x/18x RIC: ASMI.AS BBG: ASM NA

2027E/2028E P/E, below its historical 25-30x range, we believe the risk-reward profile is

Trading data and key metrics

increasingly attractive. We reiterate our Buy rating.

52-wk range €1,079.00-401.70

1) Outperforming WFE despite lower memory exposure Market cap. €37.2b/US$42.3b

Shares o/s 49.2m (ORD)

Based on H2 guidance and peer results, we estimate ASMI equipment sales can grow

Free float 92%

c.35-40% YoY at cc in FY26 versus our expectation of 25-30% WFE growth. Given its

relatively limited memory exposure, this level of outperformance is noteworthy and Avg. daily volume ('000) 167

supports our view that ASMI is structurally gaining share. Furthermore, current business Avg. daily value (m) €152.8

momentum suggests the company could also outperform WFE in 2027, potentially by a Common s/h equity (12/26E) €5.07b

wider margin as advanced logic spending becomes a larger growth driver. P/BV (12/26E) 7.3x

Net debt to EBITDA (12/26E) NM

2) Recent design wins reinforce the growth story

EPS (UBS, diluted) (EUR)