UBS: With TSMC as a Strong Backing, ASM's Core Business Enters a Fast Track of Growth

Glonghui January 6｜UBS analysts noted in their report that investors have not accurately assessed the value arising from ASM International's significant exposure to TSMC (TSM.N). The analysts stated that as TSMC increases its investment in wafer manufacturing (UBS expects a 21% year-over-year increase in 2026), ASMI will benefit from this. They added that revenue growth in ASM's foundry and logic business will exceed expectations, and that the growing demand for AI storage has not been fully recognized by investors. As a result, ASM's stock price rose 4.7%, outperforming its European semiconductor peers, and is now trading near its highest point in a year.