There are plenty of long term reasons to like ASM... but there are significant medium term headwinds.
Everybody's portfolios have been hammered this year with central banks spanking the cost of borrowing. ASM wasn't priced unfairly @ $14 and it could have gone higher based on the intrinsic value but in order to do so it needed uninterrupted growth.
What we got instead was rising interest rates (which according to central bank rhetoric haven't topped out yet) and a major war in Ukraine with massive economic damage done to the EU. Now the fear is a deep recession. ASM is collateral damage. Investment decisions must be 'on hold' all over the place.
It didn't help that short sellers piled in and that ASM management over-promised but under-delivered.
ASM Price at posting:
$1.43 Sentiment: None Disclosure: Held
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