ASML – Light Me Up

ASML – Light Me Up

21 April 2023

Key Indicators

Index / Fund / Rate Start of Year Last week This Week % change YTD
JSE ALSI 73 049 78 870 77 911 6.66%
NASDAQ Composite 10 467 12 123 12 072 15.34%
S&P 500 3 840 4 138 4 134 7.64%
Prime Lending Rate 10,50% 11.25% 11.25% 7.14%
Lunar BCI WW Flexible Fund 141,43 160.34 159.25 12.60%
USD/ZAR 16,98 18.03 18.09 6.54%
EUR/ZAR 18,44 19.88 19.86 7.70%
Brent Crude ($’barrel) 85,95 86.39 81.35 -5.35%

Source: Iress

Weekly Stocktake with Danyaal

ASML – Light Me Up

Last week, one of Lunar Capital’s holdings, ASML, announced its Q1 2023 results. ASML has been part of the Lunar Capital BCI Worldwide Flexible Fund since July 2020. ASML is a key producer of lithography equipment, a crucial component in semiconductor manufacturing. Their EUV machines, which use extreme ultraviolet light to create intricate patterns on silicon, are sold for around $150 million each. ASML’s lithography equipment has enabled the production of microchips with billions of transistors on them.

For the Q1 2023, ASML recorded net system sales of €5.32 billion, compared to net system sales of €4.75 billion for the previous period. ASML sold 17 EUV units this quarter, which accounted for 54% of their net system sales. With regards to sales by region, Taiwan accounted for 49% of the total sales, while South Korea made up 26% of the sales. Notably, the USA’s contribution to ASML’s net system sales increased from 7% in the previous quarter to 15% in the latest quarter, reflecting the country’s push towards domestic chip production and reducing its reliance on Taiwan. TSMC (based in Taiwan) accounts for roughly 55% share of the global semiconductor fabrication market last year.

Over the past 12 months, ASML has recorded a gross margin of 51% and a net margin of 28%, with a return on assets of 20%. From 2019 to 2022, the company’s revenue has grown at a compound annual growth rate of 18%, while net profits have grown at a rate of 21% per year. ASML currently holds an effective monopoly on lithography machinery, with demand for their products exceeding the capacity they expect to produce this year.

ASML is held in the Lunar Capital BCI World Wide Flexible Fund.

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