ASML Holding N.V.

Section 1: Company Overview and Fundamentals

1. 1 Company Overview:

ASML Holding N.V. (NASDAQ: ASML), based in the Netherlands, operates as a holding entity with its business activities carried out by subsidiaries across multiple countries, including the U.S., Italy, France, Germany, the U.K., Ireland, Belgium, South Korea, Taiwan, Singapore, China, Hong Kong, Japan, Malaysia, and Israel. The company functions under a single business segment dedicated to the design, production, marketing, sales, and servicing of advanced semiconductor equipment, encompassing lithography, metrology, and inspection technologies.

Kalkine’s American Technology Report covers the Company Overview, Key positives & negatives, Investment summary, Key investment metrics, Top 10 shareholding, Business updates and insights into company recent financial results, Key Risks & Outlook, Price performance and technical summary, Target Price, and Recommendation on the stock.

Stock Performance:

• The stock has recovered steadily since late March 2025, forming a series of higher highs and higher lows, suggesting an ongoing uptrend.
• The 21-day moving average (currently at USD 781.61) is trending above the 50-day moving average (USD 746.59), which confirms bullish momentum in the medium term.
• The RSI stands at 54.10, which is neutral, suggesting that the stock is neither overbought nor oversold, highlighting for further upside without signaling overextended conditions.

1.2 The Key Positives, Negatives, and Investment summary

1.3 Top 10 shareholders:

The top 10 shareholders together form ~ 7.07% of the total shareholding, signifying dispersed shareholding. Capital World Investors and Fisher Investments are the biggest shareholders, holding the maximum stake in the company at 1.13% and 1.02%, respectively.

1.4 Key Metrics:

The chart highlights a steady growth trajectory throughout FY24, followed by a dip in Q1 FY25. Revenue rose from USD 5.29 billion in Q1 FY24 to a peak of USD 9.26 billion in Q4 FY24, before declining to USD 7.74 billion in Q1 FY25. Similarly, net income increased from USD 1.22 billion in Q1 FY24 to USD 2.69 billion in Q4 FY24, before easing to USD 2.36 billion in Q1 FY25 This performance was driven by expanding demand in the semiconductor sector, especially due to AI-driven innovation, as well as improvements in gross margin (rising from 51.0% in Q1 FY24 to 54.0% in Q1 FY25). However, the sequential decline in Q1 FY25 is attributable to a reduction in net system sales (Euro5.7 bn in Q1 FY25 vs. Euro7.1bnin Q4 FY24) and a steep drop in net bookings (Euro3.9bn vs. Euro7.1bn), indicating softer near-term demand. Nonetheless, strong installed base management sales (Euro2.0bn) and elevated margins helped support profitability. Overall, while seasonal and cyclical factors impacted the Q1 FY25 topline, the underlying margin strength and strategic focus on EUV and AI-related demand reflect a resilient business outlook.

Section 2: Business Updates and Corporate Business Highlights

2.1 Recent Business Updates

2.2 Insights of Q1FY25:

Section 3: Key Risks & Outlook

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

Stock Performance:

• The stock has recovered steadily April onwards, forming a series of higher highs and higher lows, suggesting an ongoing uptrend.
• The 21-day moving average (currently at USD 781.61) is trending above the 50-day moving average (USD 746.59), which confirms bullish momentum in the medium term.
• The RSI stands at 54.10, which is neutral, suggesting that the stock is neither overbought nor oversold, highlighting for further upside without signaling overextended conditions.

4.2 Fundamental Valuation

Valuation Methodology: Price/Earnings per share Multiple Based Relative Valuation

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is July 07, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.