ASML's Korean Order Pipeline Builds While Labour Talks Break Down
Published on 11/10/2026 at 14:51 | Editorial boerse-global.de
Two contrasting storylines are converging on ASML this week: a potentially large wave of EUV demand from South Korea's memory giants, and a stalled consultation with unions over the company's reorganisation. The stock took the labour unrest in its stride, gaining 0.5% to €1,355.00.
Seoul Weighs Big-Ticket EUV Commitments
Samsung and SK hynix are each reportedly considering EUV orders worth KRW 10–20 trillion, according to ChosunBiz. Neither company has confirmed those figures. The reported interest, if it hardens into binding contracts, would point to sustained demand from the memory sector — a corner of the market that accounted for 46% of ASML's system revenue in the third quarter of 2026.
Behind the deliberations are concerns about whether lithography systems can be delivered on time. Lead times have reportedly doubled, which puts the focus squarely on how much of this long-term investment appetite ASML can actually convert into orders and shipments.
A Disclosed Contract Sets the Benchmark
SK hynix has already put one order on the record: roughly KRW 11.95 trillion with ASML Korea, covering installation and tuning of the systems. Delivery is scheduled by 31 December 2027 and is intended to support the shift to 1c-DRAM. That disclosure gives the broader procurement chatter a firmer footing — and for ASML, the economic payoff depends on whether the systems can be readied inside the agreed windows.
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Samsung, for its part, is expanding its 1c-DRAM lines for HBM4 at Pyeongtaek P4. Its P5 fab is due to come online in 2028, with equipment installation planned after the first cleanroom phase is completed in the first half of 2027. That kind of fab scheduling explains the urgency to lock in tools early: memory makers have to align machine procurement with production ramp-ups, and ASML stands to benefit provided the expansion plans turn into firm orders in good time.
Capacity Remains the Binding Constraint
About a month ago, ASML said its planned deliveries would likely fall short of customer demand in 2027 and 2028. The company is examining additional capacity beyond the previously mooted 30% increase. Some customers have already signalled interest in orders for 2029 and 2030, and ASML has been reviewing further capacity additions for 2028 — a review of options, not the announcement of a completed expansion.
The Korean procurement plans therefore fit ASML's view of a longer-lasting investment cycle, while delivery capability sets the pace at which it can be realised. Extra demand brightens the business outlook only to the extent that ASML can scale its capacity accordingly.
Unions Walk Out; Buybacks Continue
On the labour front, unions left talks over the reorganisation today. According to media reports, they cite delays to schedules in Design & Engineering and IT that affect the social plan for employees. ASML said it had proposed additional measures and disputed that consultation was required. The unions' criticism centres on how the delays in those two areas feed through to the social plan.
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Separately, ASML reported share buybacks yesterday under its ongoing programme.
For investors, the strength of the Korean news lies in the combination of one concrete contract and further contemplated investment. SK hynix's disclosed order offers a more reliable anchor than the additional procurement considerations, whose significance for ASML will grow once customers confirm scope and delivery schedules. Until then, it is the agreed order that carries the positive case.
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