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ASML: Oddo's best pick in sector

( - World semiconductor sales for September 2021 were published last night by the WSTS (World Semiconductor Trade Statistics).

In smoothed data (3 month moving average), they work 48.3 billion dollars, pretty much in line with Oddo's forecasts, with analysts saying that this represents a deceleration in annual growth to +27.6% from +29.9% in August. On a sequential basis, sales increased by 2.2%.

The broker confirms its market growth forecast of +25% in 2021 with a slight deceleration in H2 and ~+10% in 2022. For 2022, analysts expect the market to grow by ~10%.

Oddo reiterates its sector preferences, with its best picks remaining ASML and ASMi, which benefit from an increase in production capacity and structural growth linked to the increasing complexity of processes.

Analysts are also confident that IFX and STM will outperform the market in 2022, thanks to their aggressive capex plans. They also remain positive on Soitec (Oddo BHF Midcap Convictions list), they add.

However, the shares seem a bit unconnected this morning - down about 0.7% in late-morning trading.

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