MKS Inc. (MKSI.O): Durability of growth

We expect MKS to guide DecQ revenue to approximately $1.43bn, ahead of MSe at $1.42bn and Street at $1.39bn, implying a more modest beat versus the prior two quarters (JunQ 10.4%; SepQ 8.1%; DecQ ~3%), reflecting softer palladium pricing and seasonal weakness in E&P chemistry (45-50% consumer electronics exposure). We do not expect a meaningful GM% inflection in DecQ: capacity expansion in Malaysia (Semi) and Guangzhou (E&P) should mark its peak with a headwind near the high end of the 50-80bp range, and a mix shift toward lower-margin chemistry equipment keeps GM% in the low-50s, leaving consolidated GM% essentially flat q/q (SepQ 47.1%;