ASML Holding’s orders should be investors’ main focus when the Dutch semiconductor-equipment maker reports fourth-quarter results on Jan. 29, Citi analysts write in a research note. They estimate 4 billion euros in orders, roughly in line with consensus of 4.2 billion euros. The analysts say expectations remain subdued since the wider semiconductor industry is navigating a downturn due to sluggish demand for chips from some end-markets. They expect ASML to report a gross margin of 49.5%, in line with company guidance. ASML shares trade 0.4% lower at 709.80 euros.