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-conducteurs݃quipements de technologie de production
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Context
Period
Period: 2T2026
Key reported figures
Revenue: 1003.1M€
Net income: 285.4M€
Free cash flow: 355M€
Guidance from the release
« Nous avons réalisé un nouveau trimestre solide, avec un chiffre d'affaires de 1 003 millions d'euros au deuxième trimestre 2026, au-dessus du point médian de notre fourchette de prévision », a déclaré Hichem M'Saad, directeur général d'ASM.
ASM publie un chiffre d'affaires trimestriel record de 1 003,1 M€ (+20 % en publié, +24 % à devises constantes), porté par la demande soutenue et des gains de parts de marché en logique/fonderie de pointe (notamment le nœud 2 nm), une forte croissance de la DRAM liée à la HBM et des ventes solides en logique/fonderie mature en Chine. La marge brute reste élevée à 51,9 % et la marge opérationnelle ajustée à 33,0 %, proche du record du trimestre précédent (33,1 %). Le résultat net ajusté augmente de 120 M€ en glissement annuel, incluant un effet de change positif de 22 M€ contre une perte de 60 M€ au T2 2025. Le free cash flow atteint un record de 355 M€ grâce à la normalisation du besoin en fonds de roulement. Le nœud 1,4 nm doit apporter une première contribution significative au second semestre. Chris Figee est nommé futur directeur financier à compter du 1er décembre 2026.
Risks mentioned
Pressions croissantes sur l'ensemble de la chaîne d'approvisionnement citées par la direction
Ventes en logique/fonderie mature attendues en repli au second semestre par rapport au premier
Forte exposition aux fluctuations de change (effet de -60 M€ au T2 2025, +22 M€ au T2 2026)
Cyclicité de l'industrie des semi-conducteurs et calendrier des grandes commandes
Opportunities identified
Chiffre d'affaires 2027 attendu au-delà du haut de la fourchette cible de 3,7-4,6 Md€
Première contribution significative du nœud 1,4 nm au second semestre 2026
Gains de parts de marché en ALD et Epi, dont des succès en Mo ALD au nœud 1,4 nm
Sélection par un nouveau client DRAM pour la solution Epi
Qualification de solutions CVD monoplaquette en mémoire et packaging avancé
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.
