ASM International Stock Hits 7th Record High, Nearing €1090
The Dutch semiconductor equipment manufacturer continues its forward march, setting a new all-time high during the session. The stock extends a spectacular rally that began in the spring, as the European stock market environment tightens amid tensions in the Middle East and a restrictive turn by central banks.
A New Absolute Peak Reached at €1083.50 During the Session
ASM International's stock rose 1.31% to €1080.50 by midday, after reaching a new all-time high at €1083.50, slightly surpassing its previous record of €1083.00. Thus, it marks its seventh absolute record in a few weeks, with a weekly gain of 6.45% and a three-month increase of 68.3%. The performance over one year peaks at 112.2%, illustrating the magnitude of the movement since the spring low. This new peak occurs in a European market that is generally down, with the CAC 40 losing 0.75% during the session, as does the SBF 120.
The macro context remains heavy, with the American denial of Tehran's claimed closure of the Strait of Hormuz and a more restrictive tone from major central banks relayed this weekend. As a reminder, the stock had already crossed a historical threshold at €949 in early June, following a coordinated target upgrade by Goldman Sachs and Barclays. The rally has since intensified by more than 14%, with no visible break in trend.
RSI at 73 and a Stretched Valuation at Nearly 49 Times Earnings
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Technically, the stock is well above all its moving averages, with a 15% gap to the MM20 (€938.49) and 63.6% to the MM200 (€660.55), reflecting the steepness of the movement. The RSI at 73 enters the overbought zone, signaling a mature rally but not invalidating the momentum, with the MACD remaining upward oriented with a histogram at 16.01. The next round milestone is at the psychological threshold of €1090, while the former resistance crossed at €1070.50 now serves as immediate support.
According to analyst opinions, Citi maintains its buy rating this Monday with an unchanged target of €1000, which is below the current price: the recent rally has moved the target below the market, a signal that research offices have not yet integrated the acceleration of recent weeks. According to the consensus of analysts surveyed, the stock trades at about 48.9 times the expected earnings for the current fiscal year and 39.5 times those of the next, multiples that reflect the optimism attached to the advanced semiconductor cycle. The €1090 level is the next technical marker in case of continued rise.
SectorSemi-conducteurs et matériel›Équipement & matériaux semi-conducteurs
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Context
Period
Period: T3 2026
Key reported figures
Revenue: 1 159 millions d'euros
Quarterly revenue: 1 159 millions d'euros
Revenue growth: 45 %
Net income: 308,1 millions d'euros
Guidance from the release
« The demand environment remains very strong. […] For 2027, we project revenue to increase to more than €5.7 billion at constant currencies. This means we expect to achieve the revenue target set for 2030 at our 2025 Investor Day three years ahead of plan. »
Risks mentioned
Supply chain conditions are increasingly tight, with continued need to work closely with suppliers and customers to support planned ramp in shipments
Changes in regulatory environment could impact growth projections
Mature logic/foundry sales expected to remain relatively stable, potentially limiting growth in this segment
Opportunities identified
Advanced logic/foundry expected to be strongest growth driver in 2027, supported by further increases in 2nm-related sales and strong momentum in 1.4nm
Strong growth expected in memory, particularly HBM-related DRAM reflecting higher customer investment levels
Recovery in power/analog/wafer segments expected to strengthen further in 2027
Outlook / guidance
Expected revenue: 4 284 millions d'euros
Management commentary: « Based on our Q4 guidance, revenue for the full year 2026 is expected to increase by approximately 35% at constant currencies, with equipment revenue expected to grow by more than 40%. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
