Research notes

ASML is the world’s leading supplier of advanced lithography systems used in the manufacturing of semiconductors, with a dominant position in deep ultraviolet (DUV) and an effective monopoly in extreme ultraviolet (EUV) technology. The company’s systems are critical to the production of sophisticated microchips. ASML’s product portfolio includes High-NA EUV and Low-NA EUV lithography systems, ArF immersion, KrF and i-line DUV systems for both advanced and mature nodes, advanced packaging lithography, and metrology, inspection, and computational lithography solutions that optimise yield and productivity. Its customers are global semiconductor foundries, logic and memory manufacturers (e.g., TSMC/Samsung/Intel), supported by long-term relationships, high switching costs and a growing installed base that underpins recurring service revenue. Headquartered in Veldhoven, Netherlands, ASML was founded in 1984 and is listed on Euronext Amsterdam and NASDAQ.

LVMH Moët Hennessy Louis Vuitton SE is a multinational luxury group conglomerate based in Paris, France. It operates five business segments: Wines and Spirits; Fashion and Leather Goods; Perfume and Cosmetics; Watches & Jewelry; and Selective Retailing. Its 75 brands include Dom Pérignon, Moët & Chandon, Veuve Clicquot, Hennessy, Louis Vuitton, Christian Dior, Givenchy, Acqua di Parma, Tiffany & Co, TAG Heuer, Bulgari, DFS, and Sephora. LVMH operates around 6,300 stores worldwide. LVMH was formed by Bernard Arnault, Alain Chevalier and Henry Racamier in 1987 from the merger of Louis Vuitton and Moët Hennessy. Louis Vuitton itself was founded as a manufacturer of luggage in 1854. Moët Hennessy was formed in 1971 through the merger of the champagne house Moët & Chandon (founded 1743) and the cognac producer Hennessy (founded 1765). Some of LVMH’s more recent major acquisitions include Tiffany & Co. in 2020, Rimowa in 2016 and Loro Piana in 2013.

The Walt Disney Co. operates as a global entertainment company. It owns and operates television and radio production, distribution and broadcasting stations, direct-to-consumer (DTC) services, amusement parks, cruise lines and hotels. It operates through the following business lines: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. The company was founded by Walter Elias Disney on 16 October 1923 and is headquartered in Burbank, California.

McDonald’s Corporation (MCD.NYS) is a global QSR (Quick Service Restaurant) business known for signature menu items such as the Big Mac, Quarter Pounder, Chicken McNuggets, and Fries. The Golden Arches logo is one of the most instantly recognisable symbols of American consumer culture in the world.

RTX Corporation is an aerospace and defence company that provides systems and services for commercial, military, and government customers worldwide.

Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company’s product offering through its stores includes merchandise and content purchased for resale, and products offered by third-party sellers. It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings, Blink, eero, and Echo, and develops and produces media content.

Honeywell International is a world-wide diversified technology and manufacturing company. It consists of four key segments: (1) Aerospace, (2) Performance Materials & Technologies, (3) Building Technologies, and (4) Safety & Productivity Solutions. The company was founded in 1885 and is headquartered in Charlotte, North Carolina, United States.

SharkNinja (SN.NYS) is a US based, global consumer appliance company. The company operates two core and high-quality brands: 1) Shark – home care and cleaning products (vacuums/steam mops); and 2) Ninja – kitchen appliances (blenders/air fryers/food processors).

Nestlé SA is the world’s largest food and beverage company. It engages in the manufacture, supply and production of prepared dishes and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, baby foods and cereals.