Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, the task of finding cutting-edge growth stocks is made ...

Core Points - ASM International N.V. held its Annual General Meeting on May 12, 2025, where shareholders approved all proposed resolutions [1][2] - The annual accounts for 2024 were adopted, and a positive advisory vote was cast on the 2024 remuneration report [2] - A regular dividend of €3.00 per common share was approved [2] Management and Board Appointments - Mr. Verhagen was reappointed as a member of the Management Board for a two-year term [2] - Ms. Van der Meer Mohr and Mr. Sanchez were reappointed as members of the Supervisory Board for a second four-year term, while Ms. Kahle-Galonske was reappointed for a third term of one year [2] Auditor Reappointment - EY Accountants B.V. was reappointed as the auditor for the annual accounts for the financial year 2026 and appointed as the assurance provider for sustainability information for the financial years 2025 and 2026 [2]

Group 1 - ASM International N.V. has conducted share repurchases totaling 17,580 shares at an average price of €440.14, amounting to a total repurchased value of €7,737,735 [1][2] - The share buyback program, which commenced on April 30, 2025, has a total budget of €150 million, with 7.4% of the program completed to date [2] - ASM International specializes in designing and manufacturing equipment and process solutions for semiconductor device production, with operations in the United States, Europe, and Asia [2]

Core Viewpoint - Tech stocks are experiencing a rally, presenting investment opportunities in major companies despite previous downturns [1][2][3] Group 1: Amazon - Amazon Web Services (AWS) generated $29.3 billion last quarter, reflecting a 17% year-over-year growth, although slower than competitors [5] - The company plans over $100 billion in capital expenditures by 2025, primarily to increase AWS capacity and invest in custom AI silicon solutions [6] - Shipping expenses grew only 3% year over year while paid units increased by 8%, indicating improved logistics efficiency [8] - Amazon's enterprise value is less than 3 times the 2025 sales estimates, approximately 10% below its long-term average, suggesting a favorable valuation for investors [10] Group 2: Lam Research - Lam Research is a leading manufacturer of semiconductor fabrication equipment, with 43% of its revenue from memory chip manufacturers [11][12] - The company reported a 24% revenue growth last quarter and anticipates further growth in Q2, despite tariff uncertainties [13] - Lam is expected to increase its market share in wafer fabrication equipment, outpacing the semiconductor industry's growth [14] - The stock trades at 19 times forward earnings estimates, with management projecting double-digit earnings growth over the next four years [15] Group 3: Meta Platforms - Meta Platforms increased its capital spending plans for the year to between $64 billion and $72 billion, focusing on AI investments [16] - The company reported a 16% revenue growth last quarter, driven by strong engagement and rising ad prices [17] - AI tools are expected to enhance marketing capabilities and customer service, potentially generating significant revenue from Meta's messaging apps [18] - Meta has consistently produced over $10 billion in free cash flow for eight consecutive quarters, supporting ongoing investments in technology [19] - The stock trades at 23 times forward earnings estimates, with potential for double-digit earnings growth, indicating it is undervalued [20]

Core Viewpoint - The company is focusing on the verification progress of its ArF immersion high-capacity coating and developing machine, actively promoting its introduction and validation across different clients [1] Investment Highlights - The company's EPS forecast for 2025-2027 has been updated to 1.35, 2.14, and 3.36 yuan, reflecting growth rates of 34.08%, 58.60%, and 56.93% respectively. The 2025E and 2026E forecasts have been slightly downgraded, while 2027E is a new addition. Given the low domestic localization rate of front-end coating and developing equipment, achieving breakthroughs will create significant competitive barriers, leading to a projected PE valuation of 80 times for 2025, corresponding to a target price of 108.00 yuan [2] Operating Performance Pressure - The company anticipates a revenue of 1.753 billion yuan in 2024, a year-on-year increase of 2.13%, with a net profit of 73.31 million yuan, down 60.83% year-on-year. The decline in net profit is primarily due to increased R&D investment, with R&D expenses expected to reach 297 million yuan in 2024, a 49.93% increase. The company is currently in a critical transition period for upgrading coating and developing equipment and validating new products, resulting in significant performance pressure [3] Product Development Progress - The main products are advancing smoothly at client sites. The high-end offline machines, including SOC, SOD, and NTD, have achieved rapid breakthroughs, and I-Line and KrF machines are showing good production data at multiple client sites. The introduction and validation of the ArF immersion high-capacity coating and developing machine are actively being promoted across different clients [3] - New products are steadily progressing and are expected to contribute to new growth points for the company. The front-end chemical cleaning machine launched in March 2024 has passed client process validation and received orders from several major domestic clients. The temporary bonding and debonding machines have successfully passed validation from multiple clients and are entering a gradual ramp-up phase, with nearly 20 orders in hand. The new Frame cleaning equipment for 2.5D/3D advanced packaging has also passed client validation and is entering small-batch sales [4]

Core Insights - Axcelis Technologies experienced a 10% increase in share price over the past week, driven by a bottom-line beat in its inaugural quarter of 2025 [1] Financial Performance - For the first quarter, Axcelis reported revenue of $192.6 million, a significant decline from over $252 million in the same period of 2024 [2] - Non-GAAP net income fell to $33.8 million ($1.04 per share) from $55.2 million in the previous year [2] - Analysts had anticipated higher revenue of $221.6 million and adjusted earnings of $1.00 per share, indicating a mixed quarter for the company [3] Future Outlook - The company provided optimistic guidance, projecting revenue of approximately $185 million and adjusted net income of $0.73 per share for the second quarter [5] - Analysts expect slightly higher revenue of over $189 million but lower adjusted profitability estimates of $0.50 per share [5] - The semiconductor industry is currently volatile, but the company is seen as capable of navigating challenges and potentially thriving [6]

Core Viewpoint - Onto Innovation Inc. reported better-than-expected first-quarter financial results but issued second-quarter guidance below analyst estimates [1][2]. Financial Performance - Quarterly earnings were $1.51 per share, exceeding the analyst consensus estimate of $1.47 per share [1]. - Quarterly sales reached $267.00 million, surpassing the analyst consensus estimate of $266.30 million [1]. Future Guidance - The company expects second-quarter adjusted earnings to be between $1.21 and $1.35 per share, compared to analysts' estimates of $1.50 per share [2]. - Sales guidance for the second quarter is projected to be between $240.00 million and $260.00 million, while analysts expected $269.10 million [2]. Market Reaction - Following the earnings announcement, Onto Innovation shares fell by 29.1%, trading at $89.90 [3]. Analyst Ratings - Needham analyst Charles Shi maintained a Buy rating but lowered the price target from $230 to $150 [5]. - Benchmark analyst Mark Miller also maintained a Buy rating, reducing the price target from $230 to $190 [5].

Core Insights - Onto Innovation Inc. reported Q1 2025 earnings per share of $1.51, exceeding the Zacks Consensus Estimate by 2.7% and up from $1.18 in the prior year [1] - Quarterly revenues reached $267 million, surpassing the Zacks Consensus Estimate by 0.6% and reflecting a 16.5% year-over-year increase, marking the seventh consecutive quarter of revenue growth [1] Revenue Breakdown - Specialty devices and advanced packaging revenues, accounting for 48% of total revenues, fell 24% sequentially to $129 million due to challenging comparisons and changing customer needs in AI packaging and 2.5D applications [2] - Revenues from the Advanced nodes market, which represents 35% of total revenues, surged 96% quarter-over-quarter to $93 million, driven by strong demand in leading-edge DRAM, NAND memory, and gate-all-around transistors [3] - Software and services revenues, making up 17% of total revenues, decreased 5% sequentially to $44 million [3] Product Performance - The Iris film metrology platform saw over 25% revenue growth quarter-over-quarter, supported by new customer acquisitions, and is on track for record full-year revenues [4] - Multiple 3D bump metrology systems were shipped during the quarter, with additional shipments planned for Q2 to a growing customer base [4] Financial Metrics - Non-GAAP operating expenses totaled $70.4 million, a 13.9% increase year-over-year, slightly below the guidance range [5] - Non-GAAP gross profit rose to $146.9 million from $119.1 million in the previous year, with gross profit margin expanding to 55% from 52% [5] - Non-GAAP operating income increased to $76.5 million compared to $57.3 million in the year-ago quarter, with operating margin rising to 29% from 25% [5] Balance Sheet - As of March 29, 2025, the company held $850.6 million in cash and marketable securities, with total current liabilities of $174.5 million [6] - Accounts receivable stood at $291.6 million, and the company generated a record $92 million in cash from operations, representing 35% of revenues [6] Q2 2025 Guidance - Management anticipates revenues between $240 million and $260 million, with the Zacks Consensus Estimate at $264.6 million [7] - Non-GAAP earnings per share are projected to be between $1.21 and $1.35, while GAAP earnings per share are expected to range from $0.99 to $1.13 [8] - Advanced nodes revenues are expected to decline moderately in Q2, with slight decreases in specialty devices and advanced packaging markets, but growth is anticipated to resume in Q4 [8]

May 5, 2025 09:00 PM GMT Asia EM Equity Strategy | Asia Pacific Flows & Positioning Guide In the week ended April 30, 2025, EM equity funds recorded outflows of US$1.2bn. In March, GEM long-only managers increased overweights in Brazil and Korea, reduced underweight in China, funded by adding to India underweight and cutting South Africa overweight. EM weekly flows – Outflows from region led by China but partially offset by India, Brazil, Korea and Taiwan: For the past week (ended April 30, 2025), EM equity ...

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