(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating on ASM International stock, with a price target lowered from 380 to 365 euros.
The analysis office indicates that the results published last night by ASM International for the 4th quarter of its 2022 financial year came out ‘relatively close to those pre-announced in January but lower on the net result (142 ME against 163 ME expected) ‘.
Management is now counting on Q1 23 sales of 660/700 ME, ie a central point of 680 ME, higher than the consensus of 665 ME. It also guides on a slight increase in Q2, which could bring sales to a level close to 700 ME, almost 10% above the consensus of 638 ME, reports the analyst, who adds that the consensus is already expecting on an S2 turnover of 1.28 MdE, i.e. 7% lower than the H1 now guided, or around 1.38 MdE.
‘Although positive compared to the consensus, we are a little disappointed because if we thought that the Q1/Q2 guidance would be higher than expected. We also thought that H2 sales could be stable vs H1, thanks to the order book of 1.7 billion euros at the end of Q4’, Oddo reported.
In this context, Oddo announces that it is revising its forecasts downwards, by 5% for 2023/24, by adopting an S2 scenario more in line with the group’s indications.
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