ASML published good Q1 23 figures with sales standing at €6.7bn (+6% vs the consensus and +12% vs the AV est.). Gross profit stood at €3.4bn (+10% vs consensus and AV est.). Following a strong rally in the last two quarters and an ongoing inventory correction at the customer-end, net system booking declined by 40% qoq. However, demand remains above build capacity and we believe that the decline in new system bookings is temporary.
