(ASX) ASE Industrial Holding - Ratings and Ratios
Semiconductor, Packaging, Testing, EMS, Substrates
EPS (Earnings per Share)
Revenue
| Risk via 10d forecast | |
|---|---|
| Volatility | 37.2% |
| Value at Risk 5%th | 58.2% |
| Relative Tail Risk | -4.90% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.13 |
| Alpha | 37.34 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.580 |
| Beta | 1.378 |
| Beta Downside | 1.371 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.64% |
| Mean DD | 10.98% |
| Median DD | 8.88% |
Description: ASX ASE Industrial Holding October 14, 2025
ASE Technology Holding Co., Ltd. (NYSE: ASX) is a Taiwan-based contract semiconductor manufacturer that serves customers across the United States, Asia, and Europe. Its operations are organized into four segments-Packaging, Testing, EMS (electronic manufacturing services), and “Other”-and it provides end-to-end services such as advanced wafer probing, wire bonding, heterogeneous integration, and final test, as well as turnkey shipment of finished chips to OEMs.
The company also maintains a diversified non-core portfolio that includes real-estate leasing, parking-lot management, and the design and production of antennas, RF amplifiers, PCBs, and other electronic components. While these activities generate ancillary cash flow, they represent a small share of total revenue and are disclosed separately from the primary semiconductor business.
Key recent metrics: FY 2023 revenue reached approximately US$2.5 billion, with an operating margin of about 13 %; the packaging segment grew 9 % YoY, driven by strong demand for advanced-packaging solutions for AI and automotive chips. The global semiconductor packaging market is projected to expand at a CAGR of roughly 8 % through 2028, and ASX’s capacity utilization is currently near 85 %, positioning it to capture a larger share of this growth.
Macro drivers such as the U.S. CHIPS Act, rising automotive electronics spend, and continued supply-chain reshoring are expected to support demand for ASX’s services, but the company remains exposed to cyclical semiconductor demand and pricing pressure from competing Asian foundries.
For a deeper dive into ASX’s valuation metrics and scenario analysis, the ValueRay platform offers a transparent, data-driven toolkit worth exploring.
ASX Stock Overview
| Market Cap in USD | 32,485m |
| Sub-Industry | Semiconductors |
| IPO / Inception | 1995-12-15 |
| Return 12m vs S&P 500 | 32.2% |
| Analyst Rating | 4.67 of 5 |
ASX Dividends
| Metric | Value |
|---|---|
| Dividend Yield | 2.51% |
| Yield on Cost 5y | 8.86% |
| Yield CAGR 5y | 24.04% |
| Payout Consistency | 85.4% |
| Payout Ratio | 16.7% |
ASX Growth Ratios
| Metric | Value |
|---|---|
| CAGR 3y | 36.25% |
| CAGR/Max DD Calmar Ratio | 0.89 |
| CAGR/Mean DD Pain Ratio | 3.30 |
| Current Volume | 7443.7k |
| Average Volume | 8003.4k |
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income (35.26b TTM) > 0 and > 6% of Revenue (6% = 37.78b TTM) |
| FCFTA -0.06 (>2.0%) and ΔFCFTA -11.55pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 5.48% (prev 7.26%; Δ -1.77pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.13 (>3.0%) and CFO 106.69b > Net Income 35.26b (YES >=105%, WARN >=100%) |
| Net Debt (211.62b) to EBITDA (80.72b) ratio: 2.62 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.13 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (4.36b) change vs 12m ago 98.71% (target <= -2.0% for YES) |
| Gross Margin 16.85% (prev 16.19%; Δ 0.66pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 80.88% (prev 83.09%; Δ -2.21pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 4.62 (EBITDA TTM 80.72b / Interest Expense TTM 7.08b) >= 6 (WARN >= 3) |
Altman Z'' 1.27
| (A) 0.04 = (Total Current Assets 294.08b - Total Current Liabilities 259.55b) / Total Assets 842.64b |
| (B) 0.11 = Retained Earnings (Balance) 96.64b / Total Assets 842.64b |
| (C) 0.04 = EBIT TTM 32.73b / Avg Total Assets 778.60b |
| (D) 0.33 = Book Value of Equity 165.40b / Total Liabilities 503.09b |
| Total Rating: 1.27 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 43.33
| 1. Piotroski 4.0pt = -1.0 |
| 2. FCF Yield -4.59% = -2.30 |
| 3. FCF Margin -8.30% = -3.11 |
| 4. Debt/Equity 0.64 = 2.30 |
| 5. Debt/Ebitda 2.62 = -1.17 |
| 6. ROIC - WACC (= -4.46)% = -5.58 |
| 7. RoE 11.32% = 0.94 |
| 8. Rev. Trend 20.66% = 1.55 |
| 9. EPS Trend 33.88% = 1.69 |
What is the price of ASX shares?
Over the past week, the price has changed by -5.41%, over one month by +9.08%, over three months by +40.30% and over the past year by +50.14%.
Is ASX a buy, sell or hold?
- Strong Buy: 2
- Buy: 1
- Hold: 0
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the ASX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 18.1 | 27.8% |
| Analysts Target Price | 18.1 | 27.8% |
| ValueRay Target Price | 18.9 | 33% |
ASX Fundamental Data Overview November 15, 2025
P/E Trailing = 29.26
P/E Forward = 12.3001
P/S = 0.0516
P/B = 3.1972
P/EG = 1.38
Beta = 0.993
Revenue TTM = 629.74b TWD
EBIT TTM = 32.73b TWD
EBITDA TTM = 80.72b TWD
Long Term Debt = 218.95b TWD (from longTermDebt, last quarter)
Short Term Debt = 67.81b TWD (from shortLongTermDebt, last quarter)
Debt = 201.41b TWD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 211.62b TWD (from netDebt column, last quarter)
Enterprise Value = 1139.34b TWD (1013.07b + Debt 201.41b - CCE 75.14b)
Interest Coverage Ratio = 4.62 (Ebit TTM 32.73b / Interest Expense TTM 7.08b)
FCF Yield = -4.59% (FCF TTM -52.30b / Enterprise Value 1139.34b)
FCF Margin = -8.30% (FCF TTM -52.30b / Revenue TTM 629.74b)
Net Margin = 5.60% (Net Income TTM 35.26b / Revenue TTM 629.74b)
Gross Margin = 16.85% ((Revenue TTM 629.74b - Cost of Revenue TTM 523.65b) / Revenue TTM)
Gross Margin QoQ = 17.13% (prev 17.04%)
Tobins Q-Ratio = 1.35 (Enterprise Value 1139.34b / Total Assets 842.64b)
Interest Expense / Debt = 0.71% (Interest Expense 1.43b / Debt 201.41b)
Taxrate = 18.71% (2.62b / 13.98b)
NOPAT = 26.61b (EBIT 32.73b * (1 - 18.71%))
Current Ratio = 1.13 (Total Current Assets 294.08b / Total Current Liabilities 259.55b)
Debt / Equity = 0.64 (Debt 201.41b / totalStockholderEquity, last quarter 317.04b)
Debt / EBITDA = 2.62 (Net Debt 211.62b / EBITDA 80.72b)
Debt / FCF = -4.05 (negative FCF - burning cash) (Net Debt 211.62b / FCF TTM -52.30b)
Total Stockholder Equity = 311.46b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.18% (Net Income 35.26b / Total Assets 842.64b)
RoE = 11.32% (Net Income TTM 35.26b / Total Stockholder Equity 311.46b)
RoCE = 6.17% (EBIT 32.73b / Capital Employed (Equity 311.46b + L.T.Debt 218.95b))
RoIC = 4.88% (NOPAT 26.61b / Invested Capital 544.76b)
WACC = 9.35% (E(1013.07b)/V(1214.48b) * Re(11.09%) + D(201.41b)/V(1214.48b) * Rd(0.71%) * (1-Tc(0.19)))
Discount Rate = 11.09% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.14%
Fair Price DCF = unknown (Cash Flow -52.30b)
EPS Correlation: 33.88 | EPS CAGR: -11.97% | SUE: 0.05 | # QB: 0
Revenue Correlation: 20.66 | Revenue CAGR: -1.84% | SUE: 0.03 | # QB: 0
Additional Sources for ASX Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle