UPDATE 3-ASML upbeat on recovery as orders beat forecasts

* Bookings of 50 systems beats highest estimates

* Sees Q2 bookings value at around 1 bln euros

* May post record sales this year

* Shares up 1.5 pct, slightly outperforming main index

(Adds analyst comment, shares, background)

By Harro ten Wolde

AMSTERDAM, April 14 (Reuters) - Dutch chip equipment maker ASML (ASML.AS)(ASML.O) added to hopes for an acceleration in the tech sector's recovery with first-quarter orders that beat the most optimistic expectations and a record sales outlook.

ASML's results echoed positive signals from Intel Corp. (INTC.O), the world's largest chip maker and one of ASML's biggest clients, which said on Tuesday it was seeing increased spending by corporations. [ID:nN1382801]

Analysts view ASML's order book developments as a barometer for expectations from the big chipmakers.

Earlier on Wednesday, Taiwan Semiconductor Manufacturing (2330.TW), the world's largest contract chip maker and one of ASML's clients, said it expected global chip sales to increase 22 percent this year and 7 percent next year. [ID:nTPV001425]

ASML shares were up 1.5 percent at 26.54 euros at 0813 GMT in Amsterdam, slightly outperforming the European technology index .SX8P, which was up 1 percent.

The shares are up 17 percent so far this year, hovering around 8-year highs of 27 euros.

"The fact that ASML is giving an outlook for the full year confirms increasing visibility and management's confidence that revenue will continue to increase over the next quarters," said SNS Securities analyst Victor Bareno.

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'STRUCTURAL UNDERCAPACITY'

ASML, the world's largest maker of semiconductor lithography machines, which map out electronic circuits on silicon wafers, said on Wednesday it had booked 50 orders, valued at 1 billion euros ($1.36 billion). That beat all of the analyst estimates in a Reuters poll, which ranged from 40 to 48 systems.

Net profit more than doubled to 107 million euros from the fourth quarter of 2009, while sales rose to 742 million euros from 581 million euros in the previous quarter. ASML suggested the industry needed more machines, which would suggest it can look forward to pricing power in coming quarters.

"We are looking at a structural undercapacity in the industry and we are just at the beginning of the recovery. We think this has legs," ASML Chief Financial Officer Peter Wennink said in a video posted on ASML's website.

Wennink also said ASML may beat record sales of 3.8 billion euros reached in 2007. ASML booked just over 1 billion euros' worth of systems in the first quarter and expects a similar level of bookings in the second quarter.

"We are looking at a recovery which is more prolonged, which is more sustainable and is driven by the fact of the underinvestments of our customers over the last two to three years and actually need this new capacity addition," Wennink said.

ASML, which competes with Japan's Nikon Corp (7731.T) and Canon Inc (7751.T) said it expected a second-quarter gross margin of about 42 percent.

"Lack of strong Japan orders in 1Q, as well as somewhat low foundry bookings, imply to us more is to come from Toshiba and TSMC specifically, in addition to Korean memory makers," UBS analyst Gareth Jenkins said. ($1=.7351 Euro) (Additional reporting by Gilbert Kreijger; editing by Jon Loades-Carter)