ASM International N.V.

ASM International, based near Amsterdam, is a leading maker of semiconductor equipment, specialising in atomic-layer deposition, a technique for laying down ultra-thin films that has become essential to manufacturing the most advanced chips. Its leadership in that fast-growing niche ties it to the cutting edge of the industry. ASM pays a modest dividend and returns cash through buybacks, funded by strong margins, though earnings follow the chip-equipment cycle. The yield is small, so the stock is valued mainly for structural growth in advanced deposition rather than for income.