ASM International: 2nm Is Playing Out, And The Runway Now Looks Longer (Rating Upgrade)

ASM International is upgraded to a strong buy, as both near-term and long-term outlooks improve materially. China shifts from a headwind to a growth and margin driver, with 2026 sales now expected to increase rather than decline. 2nm adoption is translating into real revenue and deeper process penetration, while the 1.4nm roadmap extends the growth runway.