ASML published Q3 figures in-line with our expectations but the new orders booked and Q4 guidance were a miss. China accounted for around half of the sales in Q3 due to order pull-outs by other players being filled by deliveries to Chinese customers. For FY24, the management has given conservative guidance of flat sales due to uncertainties around the slope and shape of the recovery in the semiconductor industry, but remains confident for FY25.
