ASM International (ASMi) is down more than 3% in Amsterdam, the day after the semiconductor equipment supplier published results for the last three months of 2023 that were generally below expectations.

The Dutch group saw its adjusted net profit fall by almost 62% to 90.9 million euros, with a normalized operating margin down 3.9 points to 22.3% on revenues of 633 million, down 7% excluding currency effects.

Oddo BHF has lowered its EPS by 7%, as well as its price target from 700 to 680 euros, but remains 'outperform', noting orders 6% higher than expected and judging that the publication 'in no way invalidates the scenario of strong growth in 2025'.

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