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Asetek Q3: Market uncertainty remains high, but stable GM and opex saving programme is on track - SEB

Asetek's full Q3 report and results are in line with the pre-released numbers on 1 November. Our focus in the report is gross margins and opex. Q3 GM was 42.5%, slightly higher than our estimates of 42.0% and 42.3% in Q2/22 and 38.8% in Q3/21. Q3 opex was slightly higher than we expected but the cost saving programme is on track. We continue to expect an annualized total saving of ca. USD 8m in 2023, driven by cost reduction initiatives and reduced legal costs.

Asetek's full Q3 report and results are in line with the pre-released numbers on 1 November. Our focus in the report is gross margins and opex. Q3 GM was 42.5%, slightly higher than our estimates of 42.0% and 42.3% in Q2/22 and 38.8% in Q3/21. Q3 opex was slightly higher than we expected but the cost saving programme is on track. We continue to expect an annualized total saving of ca. USD 8m in 2023, driven by cost reduction initiatives and reduced legal costs.
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