ASML falls as demand slowdown overshadows Q1 beat; sends peers lower

Osram Licht AG

19/04/2023 08:35

** ASML  ASML.AS  shares slip 2.6% as weak Q1 orders
overshadow the Dutch semiconductor equipment maker's Q1 earnings
beat
    ** ASML Q1 net bookings fell by nearly a half q/q to EUR
3.75 bln
    ** KBC Securities says the number is well below the expected
EUR 5.6 bln and below the street's low-end estimate of EUR 4.0
bln
    ** "The market is concerned about demand given that memory
capex is still far from revival and logic demand is not
recovering as fast as was previously expected," J.P.Morgan says
    ** The low order level can still allow ASML to meet or beat
2023 and 2024 consensus estimates as long as orders are not
cancelled, JPM adds
    ** Nevertheless, ASML net profit of EUR 1.96 bln ($2.15
billion) and revenue of EUR 6.74 bln beat Refinitiv poll
    ** Credit Suisse says that demand is still above the ASML's
2023 capacity despite having "unsurprisingly" come down 
    ** ASML sees Q2 revenue of EUR 6.50-7.00 bln with a gross
margin of 50%-51%; confirms FY outlook
    ** CS sees scope for positive 2023 EBIT consensus revisions
as the implied forecasts are slightly ahead of expectations
    ** "We suspect some concerns around 2024 demand will
remain," CS says, seeing the quarter as solid overall
    ** Dutch peers ASMI  ASMI.AS , BESI  BESI.AS  slip 1%-2%
    ** Nordic Semiconductor  NOD.OL , Siltronic  WAFGn.DE ,
Aixtron  AIXGn.DE , AMG Osram  AMS.S , STMicroelectronics
 STMPA.PA  slip around 1%-3%

($1 = 0.9118 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))