Bernstein: Increase the target price of Asma to Euro2,500 to list three top drivers

On 16 July, Bernstein increased the target price of Asma from 2,300 euros to 2,500 euros, maintaining the “run-to-win” rating. Analyst David Dai noted three top drivers: First, Asma plans to increase the capacity of the low-value aperture EUV and ArFi by 30 per cent each year in 2027 and 2028; there is scope for upward pricing, which is estimated to have increased by 10 per cent on average in 2027 and is expected to again achieve a high-digit percentage increase in 2028; and a better profit margin, with a firm-led Maori ratio of 56 per cent in the second half of 2026, which is higher than the market-wide forecast of 52.6 per cent. Bernstein increased the revenue projections for 2027 and 2028 to $56 billion and 72 billion euros, respectively, and for each share, to Euro53.6 and Euro75.3。