After reading a current article in The Economist, I'm thinking of investing a relatively small amount directly in a company called ASML. In the US it is carried on NASDAQ as ASML Holding N.V., with the trading symbol "ASML".
Info from Wickipedia: ASML Holding N.V. is a Dutch company and currently the largest supplier in the world of photolithography systems for the semiconductor industry. The company manufactures machines for the production of integrated circuits.
Over the years I've occasionally owned ADR (American Depositary Receipt) shares, but this is the first time that I've encountered what seems to me (likely incorrectly) to be an alternative listing on the OTC market. That OTC listing symbol is "ASMIY".
The share price for ASML is more than twice that of ASMIY, and the P/E ratio for ASML is roughly 44 vs 19 for ASMIY. The WSJ indicates that ASMIY is a competitor for ASML, and other information that I find does indicate that ASMIY is indeed in the same business. The problem is that I can't seem to easily find a side-by-side comparison between the two listings, and I have no idea if those two symbols are somehow representing two different companies, or (somehow) two different aspects of the same company.
Thanks for any help on this one!
Comments
From M* ASMIY - ASM International NV ADR
Company Profile
Based in the Netherlands, ASM International supplies semiconductor manufacturing equipment. ASM's front-end equipment, such as atomic layer deposition and epitaxial tools, is used in the preparation of silicon wafers and fabrication of semiconductor layers. ASM's 25%-owned subsidiary, ASM Pacific Technology, manufactures back-end tools used to assemble and package semiconductors into their final form.
Contact
Versterkerstraat 8, Almere, 1322 AP, Netherlands
T +31 881008810
[email protected]
www.asm.com
M* ASML - ASML Holding NV ADR
Company Profile
Founded in 1984 and based in the Netherlands, ASML is a leading manufacturer of photolithography systems used in the manufacturing of semiconductors. Photolithography is the process in which a light source is used to expose circuit patterns from a photomask onto a semiconductor wafer. ASML's products are used at every major semiconductor manufacturer, including Intel, Samsung, and Taiwan Semiconductor Manufacturing.
Contact
De Run 6501, Veldhoven, 5504 DR, Netherlands
T +31 402683000
www.asml.com
One deposits a layer of silicon, then applies the mask (stencil) for a layer of circuitry, and then etches the layer. Rinse and repeat for each successive layer of circuitry.
It looks like these two companies manufacture equipment for different steps in the process. I'm more familiar with the etch step and etcher providers like Lam Research than with these companies.
Hitachi has a short page that reiterates what I wrote above, and clarifies front end manufacture vs. back end assembly.
https://www.hitachi-hightech.com/global/products/device/semiconductor/process.html
https://www.asml.com/en/company/about-asml/history
I have owned a position in ASML for several years.
A footnote: If Ted were still with us I'm betting that he would have tried to help also. We may not have been great friends but the man was a consummate financial professional.
I was at a backyard barbque in Berkeley in early 2001 when an Apple employee said "Hey, check this out."
I thought to myself:
Oh. How nice. A hard drive with a headphone jack. I'm sure Sony Walkman is trembling in its boots.
Sigh.
Still, thanks for the compliment. You're no slouch yourself.
(Otoh he just took a job w McKinsey, so there's that.)
So the limit order bought me 25 @ $246. Causing the market to immediately drop it to 240ish. What the hell... 25 more @ 240. We shall see.
Tonight's (1/14/21) closing price: $544.65