ASML Holding N.V. (ASML)

[weijian]

-20% as bookings collapsed

Last month, the Netherlands published new export control rules that made ASML apply for export licenses in The Hague instead of US for some of its older machines. That came on the heels of a Bloomberg report that the Dutch government would limit some of ASML’s ability to repair and maintain its semiconductor equipment in China. 
China remained ASML’s biggest market, accounting for 47% of sales in the quarter. Sales to the Asian nation jumped by nearly 20% from previous quarter to €2.79 billion.

But the demand from China may slow in the upcoming period and Washington’s ongoing chip war against Beijing continues to be a long-term overhang on ASML shares. The company could lose nearly a quarter of its sales in China next year, and 45% of its overall revenue generated in the country is at risk from further restrictions, according to UBS analyst Francois-Xavier Bouvignies.
-Bloomberg

The quarterly earnings numbers were published on the company’s website a day earlier than expected in error.

Someone's going to be sacked for this - either their PR-in-charge or the PR/technology firm.

Has ASML's competitive moat gotten any better or worst in the few months before/after this earnings report? Probably better, IMHO.

Was ASML overvalued before the earnings report? I am not sure.

Would ASML be a better investment now? I am not sure too.

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Been reading the Good Investor's quarterly reports (Compounders' Fund). They haven't had a good past 4 years (since the fund inception in 2020), after an excellent prior 10 years (2010-2020). And I am trying to learn from there. Something in which they stand by, stood out for me:
We should focus on the quality and don't be obsessed over valuation.

But I really believe we should be obsessed on the quality and focus on valuation.