(ASX) ASE Industrial Holding - Ratings and Ratios
Semiconductor Packaging, Testing Services, Electronic Manufacturing
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.35% |
| Yield on Cost 5y | 8.09% |
| Yield CAGR 5y | 24.04% |
| Payout Consistency | 77.4% |
| Payout Ratio | 8.1% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 37.4% |
| Value at Risk 5%th | 59.0% |
| Relative Tail Risk | -4.05% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.21 |
| Alpha | 38.75 |
| CAGR/Max DD | 0.99 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.589 |
| Beta | 1.381 |
| Beta Downside | 1.422 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.64% |
| Mean DD | 11.06% |
| Median DD | 9.17% |
Description: ASX ASE Industrial Holding December 17, 2025
ASE Technology Holding Co., Ltd. (NYSE: ASX) is a Taiwan-based contract semiconductor services provider that operates globally across the United States, Taiwan, broader Asia, and Europe. Its core business is split into four segments-Packaging, Testing, EMS (Electronic Manufacturing Services), and “Others”-through which it delivers wafer probing, front-end engineering tests, advanced packaging (including heterogeneous integration), wire-bonding, and final-test services for computing, communications, automotive, industrial and server applications.
Beyond pure semiconductor services, ASE also runs a diversified set of non-core activities: real-estate development and leasing, parking-lot management, commercial-complex operations, and a suite of ancillary services such as technical consulting, HR training, and the design/manufacture of RF components (antennas, amplifiers, PCBs). These businesses generate a modest share of total revenue but add cash-flow stability.
Key recent performance indicators (FY 2023) show revenue of roughly $5.2 billion, a year-over-year increase of about 6 % driven by strong demand for AI-optimized chips, and an operating margin of ~8 %, down from 9 % in 2022 as labor costs rose. The company reported a cash-conversion cycle of ~70 days and maintained a net-debt-to-EBITDA ratio of 1.2×, indicating moderate leverage. Management has signaled FY 2024 revenue growth of 3-5 % while targeting margin expansion through automation in its packaging lines.
Sector-level drivers that materially affect ASE’s outlook include the U.S. CHIPS Act incentives, which are expected to boost domestic wafer-fab and packaging capacity, and the accelerating rollout of AI workloads that raise demand for advanced, high-density interconnects. Conversely, macro-level inventory corrections in the broader semiconductor cycle and potential geopolitical tensions in Taiwan remain upside-down risks.
If you want a data-driven, assumption-transparent valuation framework for ASX, consider checking the analytical tools available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 4.5
| 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 (113.11b) ratio: 1.87 <= 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 (2.21b) change vs 12m ago 0.63% (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 12.21 (EBITDA TTM 113.11b / Interest Expense TTM 3.94b) >= 6 (WARN >= 3) |
Altman Z'' 1.52
| (A) 0.04 = (Total Current Assets 294.08b - Total Current Liabilities 259.55b) / Total Assets 842.64b |
| (B) 0.15 = Retained Earnings (Balance) 126.46b / Total Assets 842.64b |
| (C) 0.06 = EBIT TTM 48.13b / Avg Total Assets 778.60b |
| (D) 0.33 = Book Value of Equity 166.89b / Total Liabilities 503.09b |
| Total Rating: 1.52 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 45.50
| 1. Piotroski 4.50pt |
| 2. FCF Yield -3.89% |
| 3. FCF Margin -8.30% |
| 4. Debt/Equity 0.90 |
| 5. Debt/Ebitda 1.87 |
| 6. ROIC - WACC (= -1.68)% |
| 7. RoE 11.32% |
| 8. Rev. Trend -16.12% |
| 9. EPS Trend 21.26% |
What is the price of ASX shares?
Over the past week, the price has changed by -2.70%, over one month by +9.70%, over three months by +29.46% and over the past year by +51.35%.
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 | 19.1 | 26.1% |
| Analysts Target Price | 19.1 | 26.1% |
| ValueRay Target Price | 20.9 | 37.6% |
ASX Fundamental Data Overview December 15, 2025
P/E Trailing = 31.52
P/E Forward = 12.3001
P/S = 0.0546
P/B = 3.3734
P/EG = 1.38
Beta = 1.009
Revenue TTM = 629.74b TWD
EBIT TTM = 48.13b TWD
EBITDA TTM = 113.11b TWD
Long Term Debt = 218.95b TWD (from longTermDebt, last quarter)
Short Term Debt = 67.81b TWD (from shortTermDebt, last quarter)
Debt = 286.76b TWD (from shortLongTermDebtTotal, last quarter)
Net Debt = 211.62b TWD (from netDebt column, last quarter)
Enterprise Value = 1346.16b TWD (1083.34b + Debt 286.76b - CCE 23.94b)
Interest Coverage Ratio = 12.21 (Ebit TTM 48.13b / Interest Expense TTM 3.94b)
FCF Yield = -3.89% (FCF TTM -52.30b / Enterprise Value 1346.16b)
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 = 1.60 (Enterprise Value 1346.16b / Total Assets 842.64b)
Interest Expense / Debt = 0.50% (Interest Expense 1.43b / Debt 286.76b)
Taxrate = 18.71% (2.62b / 13.98b)
NOPAT = 39.13b (EBIT 48.13b * (1 - 18.71%))
Current Ratio = 1.13 (Total Current Assets 294.08b / Total Current Liabilities 259.55b)
Debt / Equity = 0.90 (Debt 286.76b / totalStockholderEquity, last quarter 317.04b)
Debt / EBITDA = 1.87 (Net Debt 211.62b / EBITDA 113.11b)
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 = 9.07% (EBIT 48.13b / Capital Employed (Equity 311.46b + L.T.Debt 218.95b))
RoIC = 7.18% (NOPAT 39.13b / Invested Capital 544.76b)
WACC = 8.86% (E(1083.34b)/V(1370.10b) * Re(11.10%) + D(286.76b)/V(1370.10b) * Rd(0.50%) * (1-Tc(0.19)))
Discount Rate = 11.10% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -28.74%
Fair Price DCF = unknown (Cash Flow -52.30b)
EPS Correlation: 21.26 | EPS CAGR: 52.11% | SUE: 3.99 | # QB: 2
Revenue Correlation: -16.12 | Revenue CAGR: -0.68% | SUE: 0.03 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.18 | Chg30d=+0.040 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=0.86 | Chg30d=-0.051 | Revisions Net=-1 | Growth EPS=+41.5% | Growth Revenue=+14.1%
Additional Sources for ASX Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle