ASML Holding NV $ 370.84 4.4 (1.2%)
ASMLF News and Headlines - ASML Holding NV
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David Herro (Trades, Portfolio)’s Oakmark International Fund recently released its portfolio update for the fourth quarter of 2019.
The Oakmark International Fund is a Chicago-based global investment fund that holds a diversified portfolio of stocks in companies outside of the U.S. Managed by Herro, the fund is a subset of Harris Associates, an investment company with over $118 billion in assets under management. The fund employs a focused approach of investing in relatively few individual securities that are trading at a discount to intrinsic value and show strong potential to increase value for shareholders.
Based on the
Benjamin Graham, the father of value investing, suggested using certain financial strength criteria when picking stocks. In order to increase the likelihood of discovering quality companies, the search should be narrowed to include stocks that have the following characteristics:
- A current ratio of more than 2.
- A working capital that exceeds the long-term debt.
The current ratio indicates whether the balance sheet provides the company with sufficient margins to refund all of its short-term creditors. The current ratio is the result of total current assets divided by total current liabilities.
A working capital that exceeds long-term debt indicates
Xavier Brun is the head of European equities at Trea Asset Management, a Spanish investment house that manages 4.6 billion euros. He has a doctorate of economic sciences from the University of Barcelona, excellent cum laude, and a master's degree in banking and finance from IDEC at Pompeu Fabra University. He also has 15 years' experience in value investing as an investment manager, analyst, professor and opinion maker.
Brun was very kind to share some details of his investment strategy, his contrary thinking and investment ideas!
Roque: In your last annual fund commentary, you talked about dealing with uncertainty.
David Carlson (Trades, Portfolio), manager of the Elfun Trusts, disclosed in his second-quarter portfolio, which was released earlier this week, that he entered two positions and exited two others.
With the goal of generating long-term capital growth and future income, the guru’s fund, which is part of Boston-based State Street Global Advisors, picks stocks based on the company’s potential to increase net income and dividends over time.
Based on these criteria, Carlson established holdings in ASML Holding NV (ASML) and Verizon Communications Inc. (VZ) during the quarter. He sold out of Medtronic PLC (MDT) and Intuit Inc.
The chip equipment manufacturing industry has been hit hard this year as investors' concerns with the implications of trade tensions with China heighten and forecasts for the semiconductor market turn sour. One stock among the chip equipment group that has been particularly battered is Applied Materials Inc. (AMAT). The stock that returned 13.9% annually for the past 10 years, plummeted 38% after reaching a high of $61.61 in March.
Applied Materials has been affected by the slowdown in smartphone sales globally and the concomitant reduced demand for semiconductor components. Taiwan Semiconductor Manufacturing (TSMC) trimmed
ASML Holding NV (ASML) – the manufacturer of extreme ultraviolet lithography equipment for semiconductor fabrication – reported the results of its second quarter on Wednesday, beating both the top and bottom line consensus.
Revenue came in at $3.2 billion, up more than 30% on a year-over-year basis. Wall Street was modeling for revenue of $3.05 billion for the second quarter. Earnings reached $1.61 a share during the quarter, translating into approximately 26% year-over-year growth. Earnings per share were also ahead of analyst consensus of $1.42.
For the third quarter, the Netherlands-based semiconductor company is guiding for midpoint revenue of $3.2
Semiconductor equipment makers are nervous about the latest trade spats with China. And, they should be worried, as many stand to lose a substantial amount of business if President Trump’s proposals for constraints on U.S. technology transfer to China are implemented.
For a number of weeks, the administration has advanced a two-part plan to restrict Chinese companies from securing advanced U.S. technology. This would include prohibitions on Chinese companies investing in U.S. tech companies. At the same time, technology exports to China would be limited. Both prongs of the plan are being justified on national security grounds.
The goal of
Semiconductor equipment manufacturers are taking a hit today on negative commentary from a bullish analyst.
Evercore ISI analyst CJ Muse noted Lam Research (LRCX) – the manufacturer of semiconductor equipment for integrated circuit fabrication – is facing short-term headwinds as memory players are delaying equipment procurement, which is likely to affect the company's second and third-quarter results. Muse, however, expects the slump will be short-lived. The analyst holds a $300 price target on Lam Research, an upside of 60% over Thursday’s opening price.
According to Muse’s channel checks, Samsung (SSNLF) is pushing out the purchase of memory equipment amid delays
According to GuruFocus' All-in-One Guru Screener, the following are some of the stocks that have outperformed the Standard & Poor's 500 Index over the last 12 months and were bought by gurus during the last quarter.
Alexandria Real Estate Equities Inc. (ARE) with a market cap of $10.84 billion has outperformed the S&P 500 Index by 5.2% over the last 12 months.
The company is a real estate investment trust. It is engaged in science-driven cluster formation through ownership, operation, management and selective redevelopment and development of properties in the office/laboratory space.
Its shares are trading with a
Thanks to GuruFocus’ All-In-One Screener, we can highlight stocks that have growing dividend yields with sustainable payout ratios. This sustainability is linked to a company having long-term profitability and a very strong financial situation.
RF Industries Ltd. (RFIL) has a dividend yield that during the last five years has grown by 96%. The yield is 7.76% with a payout ratio of 767%. The average ROA of the last five years has been positive at 6.83% and ROE has averaged 7.59%.
The company has current ROE of 0.06%, underperforming 71% of other companies in the Global Electronic Components industry, and
ASML Holding N.V. (ASML) is a unique, near-monopoly company in semiconductor manufacturing. ASML’s equipment, which prints the tiniest circuits for chips, is used by nearly every manufacturer. Over the next few years, ASML plans to roll out equipment that can print circuits smaller than any other company. We believe over time its equipment will become indispensable and earnings will grow rapidly. Shares were up in the first quarter after management stated on its earnings call that it expects equipment orders to accelerate in the second half of 2016.
From Baron Fifth Avenue Growth Fund first quarter commentary 2016.
The Oakmark International Fund declined 3% for the quarter ended March 31, 2016, underperforming the MSCI World ex U.S. Index, which declined 2% over the same period. Most importantly, the Fund has returned an average of 9% per year since its inception in September 1992, outperforming the MSCI World ex U.S. Index, which has averaged 6% per year over the same period.
Glencore (LSE:GLEN) (Switzerland), one of the world’s largest commodities and trading companies, was the top contributor for the quarter, returning 70%. Concerns about weaker-than-expected demand for copper in China drove the price of commodities lower last year and
Point72 Asset Management, L.P. is a family office managing the assets of its founder, Steven Cohen (Trades, Portfolio), and eligible employees. He is a billionaire hedge fund investor and the founder of SAC Capital Advisors. Cohen grew up in Great Neck, New York, and he attended the Wharton School of Business at the University of Pennsylvania.
Last quarter, the firm increased its holdings in Lam Research (LRCX) by buying 591,152 shares. As of March 31, Point72 was holding 733,552 shares of the company. The following chart shows Steve Cohen's holding history in Lam Research.
In a recent report, JP Morgan analysts predicted continued growth for Semiconductors stocks through 2016, driven by technology transitions in memory and 10nm FF. In their research note they talked about capital intensity increasing in the industry. According to them,
"Overall, 2015 WFE spending will likely come in +3% to up 7% from last year's ~$32B level ($33-$34B range) - we model $33.5B. We have fielded many investor questions / concerns on whether 2015 will mark the peak spending year for semiconductor equipment.
In general, we see capital intensity increasing by 10-15% on a per wafer basis when
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